447.506. Imposition of charges including prepayment penalties on certificates of deposit, requirements--not to affect unclaimed property. - Missouri Statutes

Imposition of charges including prepayment penalties on certificatesof deposit, requirements--not to affect unclaimed property.

447.506. 1. For the purpose of sections 447.500 to 447.595, abanking organization, business association, or financial organization mayimpose charges including prepayment penalties on certificates of deposit,on property subject to sections 447.500 to 447.595 that are lawful whencollected, provided such organization or association gives priorconstructive or actual notice to their customers that such charges may beimposed.

2. Incorrect computations or other bona fide errors that result inrecredited charges to a customer's account that are made despite theholder's standard procedures to the contrary do not establish a pattern ofcustom or usage for charges on unclaimed property.

(L. 1989 H.B. 506, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)