432.045. Credit agreements, defined--action by debtor on certain credit agreements prohibited unless in writing--contents of written statement requirement--oral modification permitted, when.

MISSOURI STATUTES AND CODES

432.045. Credit agreements, defined--action by debtor on certain credit agreements prohibited unless in writing--contents of written statement requirement--oral modification permitted, when.

Credit agreements, defined--action by debtor on certain creditagreements prohibited unless in writing--contents of writtenstatement requirement--oral modification permitted, when.

432.045. 1. For the purposes of this section, the term"credit agreement" means an agreement to lend or forbearrepayment of money, to otherwise extend credit, or to make anyother financial accommodation.

2. A debtor may not maintain an action upon or a defense toa credit agreement unless the credit agreement is in writing,provides for the payment of interest or for other consideration,and sets forth the relevant terms and conditions, except thissubsection shall not preempt other specific statutes thatauthorize additional protection for consumer credit used inpersonal, family or household purposes and the limitations oncredit agreements in subsection 3 of this section.

3. (1) If a written credit agreement has been signed by adebtor, subsection 2 of this section shall not apply to anycredit agreement between such debtor and creditor unless suchwritten credit agreement contains the following language inboldface ten point type:"Oral agreements or commitments to loan money, extend credit orto forbear from enforcing repayment of a debt including promisesto extend or renew such debt are not enforceable. To protect you(borrower(s)) and us (creditor) from misunderstanding ordisappointment, any agreements we reach covering such matters arecontained in this writing, which is the complete and exclusivestatement of the agreement between us, except as we may lateragree in writing to modify it."

(2) The provisions of this section shall not apply tocredit agreements for personal, family, or household purposeswhen there is already a written contract governing thetransaction, and the debtor and creditor orally agree to deferone or more loan payments or make other credit agreementmodifications and such deferrals or modifications are limited induration to not more than ninety days.

4. Nothing contained in this section shall affect theenforceability by a creditor of any promissory note, guaranty,security agreement, deed of trust, mortgage, or other instrument,agreement, or document evidencing or creating an obligation forthe payment of money or other financial accommodation, lien, orsecurity interest.