HB 248 -- MOTOR VEHICLE TIME SALES (Pearce)

This bill allows lenders of motor vehicle time sale loans to
collect a fee in advance for permitting the debtor to defer
monthly loan payments on loans of $600 or more.  The fee may be
between $25 to $50 but not more than 10% of the payments
deferred.  The debtor must agree to this fee in writing.  If an
extension is made, the debtor must pay a monthly payment before
any further extensions are permitted.  The original loan terms
must remain the same.

This provision does not apply to pre-computed loans.

FISCAL NOTE:  No impact on state funds in FY 2006, FY 2007, and
FY 2008.

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:18 pm