408.105. Precomputed loans, extensions, fee, limitations. - Missouri Statutes

Precomputed loans, extensions, fee, limitations.

408.105. 1. Extensions on precomputed loans made pursuantto section 408.100 shall be calculated on an actuarial basis oras follows and shall not be considered an additional charge orfee within the meaning of section 408.140:

Total Finance Charge

UNIT CHARGE (UC) = ..................................

Sum of the Digits of Original Term

EXTENSION FEE = UC Times Number of Full RemainingInstallments

2. The following limitations regarding extensions onprecomputed loans shall apply:

(1) No extension may be taken on the first installment;

(2) No extension fee shall be collected more than one monthprior to the due date of the earliest installment being deferred;

(3) No extension shall be collected for any partial payment;however, two dollars or less shall not be considered a partialpayment;

(4) A minimum extension fee of one dollar will be allowed;

(5) In the event of* prepayment in full of the note orcontract, the extensions shall be counted as months and computedas provided in section 408.170, based on this total, applied toall of the interest contracted for, plus the extension feescollected.

(L. 1985 S.B. 183)

*Word "of" does not appear in original rolls.