408.330. Delinquency and collection charges permitted--insurance premium in lieu of perfecting security interest authorized--attorney fees--consolidation of contracts.

MISSOURI STATUTES AND CODES

408.330. Delinquency and collection charges permitted--insurance premium in lieu of perfecting security interest authorized--attorney fees--consolidation of contracts.

Delinquency and collection charges permitted--insurance premium inlieu of perfecting security interest authorized--attorneyfees--consolidation of contracts.

408.330. 1. If a retail time contract or a retail chargeagreement so provides, the holder thereof may charge and collect:

(1) A premium for insurance in lieu of charges forperfecting a security interest required by the lender if thepremium does not exceed the fees which would otherwise bepayable;

(2) Charges assessed by any institution for processing arefused instrument plus a handling fee of not more than fifteendollars;

(3) A delinquency and collection charge on each installmentin default for a period of not less than ten days in an amountnot to exceed ten dollars or five dollars when the monthlyinstallment is less than twenty-five dollars; or

(4) Interest on each delinquent payment thereunder at arate which will not exceed the highest lawful contract rate. Inaddition to such delinquency charge, the contract may provide forthe payment of attorney fees not exceeding fifteen percent of theamount due and payable under such contract where such contract isreferred for collection to an attorney not a salaried employee ofthe holder of the contract and for court costs.

2. The parties to a retail time contract who have enteredinto more than one contract at substantially different times mayagree to consolidate such contracts resulting in a singleschedule of payments; provided, however, that the time charge onthe new unpaid balance shall not exceed the maximum specified insection 408.300.