408.083. Credit contracts, prepayment before maturity, computation of interest. - Missouri Statutes

Credit contracts, prepayment before maturity, computation of interest.

408.083. Notwithstanding any other provision of law to the contrary,all credit contracts with interest or time price differential calculated onan add-on basis entered into after August 28, 2002, the proceeds of whichare used for personal, family or household purposes, shall provide that theamount of interest or time price differential earned upon prepayment infull will be computed on the basis of the rate or rate formula originallycontracted for on the actual unpaid principal balances for the timeactually outstanding.

(L. 1988 S.B. 426 § 1, A.L. 2002 S.B. 895)

Effective 7-01-03