408.370. Violation, penalty--effect on time and other charges--correction.

MISSOURI STATUTES AND CODES

408.370. Violation, penalty--effect on time and other charges--correction.

Violation, penalty--effect on time and other charges--correction.

408.370. 1. Any person who shall knowingly violate anyprovision of section 408.250 and sections 408.260 to 408.370shall be deemed guilty of a misdemeanor and, upon conviction,shall be punished by a fine of not more than five hundred dollarsor by imprisonment for not more than six months or both.

2. Any person violating sections 408.260 to and including408.330, except as the result of an accidental and bona fideerror of computation, shall be barred from recovery of any timecharge, delinquency or collection charge on the contract.

3. Notwithstanding the other provisions of this section, thefailure to comply with any provision of section 408.250 andsections 408.260 to 408.370 with respect to any retail timetransaction may be corrected by the seller, or other personholding the retail time contract or account under a retail chargeagreement, at any time after the execution thereof, but in anyevent not later than ten days after such person shall have beennotified thereof in writing by the buyer, and, if so corrected,such person shall not be subject to any criminal penalty, civilforfeiture, or private cause of action under sections 408.250 to408.370 for such failure.

4. Any buyer, who suffers an ascertainable loss of money orproperty, real or personal, as a result of the use or employmentof any method, act or practice in violation of section 408.250and sections 408.260 to 408.370, which is not restored by actiontaken pursuant to subsection 3 of this section, may bring aprivate cause of action pursuant to section 407.025, RSMo.

5. No private action for the recovery of damages under theprovisions of subsection 4 of this section shall be commencedafter three years from the date of the last method, act, orpractice in violation of sections 408.250 to 408.260, 408.290,408.300, 408.330, 408.365 and 408.370. The limitation on thecommencement of action provided in this subsection shall betolled for the same reason and in the same manner as otherlimitations on the bringing of actions under the provisions ofchapter 516, RSMo.