408.130. Borrower to receive statement of contract--contents--prepayment effect--receipts for payments. - Missouri Statutes

Borrower to receive statement of contract--contents--prepaymenteffect--receipts for payments.

408.130. 1. At the time the loan is made, there shall bedelivered to the borrower, or, if there are two or moreborrowers, to one of them, a written statement or copy of theloan contract showing in clear and distinct terms:

(1) The name and address of the lender and of one of theborrowers;

(2) The date of the loan contract;

(3) The schedule of installments or description thereof;

(4) The type of any instrument securing the loan;

(5) The principal amount of the loan excluding interest;

(6) The rate or amount of interest as the contract mayprovide;

(7) That the borrower may prepay the loan, in whole or inpart, at any time, and in case interest has been added to theprincipal of the loan;

(8) That the interest is subject to the refund requirementsof section 408.170 if the loan is prepaid in full.

2. A receipt shall be given for the amount of each paymentmade in currency. Any note paid in full, or a copy thereof,shall be so marked "paid" and returned, and any security interestwhich no longer secures a loan shall be restored, canceled orreleased.

(L. 1951 p. 875 § 408.032(b), A.L. 1965 p. 114, A.L. 1994 H.B. 963)