 |
 |
| Additional Executive Departments | | Agriculture And Animals | | Alcoholic Beverages | | Business And Financial Institutions | | Cities, Towns And Villages | | Civil Procedure And Limitations | | Codes And Standards | | Conduct Of Public Business | | Conservation, Resources And Development | | Contracts And Contractual Relations | | Corporations, Associations And Partnerships | | Correctional And Penal Institutions | | County, Township And Political Subdivision Government | | Courts | | Crimes And Punishment; Peace Officers And Public Defenders | | Criminal Procedure | | Debtor-creditor Relations | | Domestic Relations | | Education And Libraries | | Evidence And Legal Advertisements | | Executive Branch | | Incorporation And Regulation Of Certain Utilities And Carriers | | Juries | | Labor And Industrial Relations | | Lands, Levees, Drainage, Sewers And Public Water Supply | | Laws And Statutes | | Legislative Branch | | Military Affairs And Police | | Motor Vehicles, Watercraft And Aviation | | Occupations And Professions | | Ownership And Conveyance Of Property | | Public Health And Welfare | | Public Officers And Employees, Bonds And Records | | Public Safety And Morals | | Roads And Waterways | | Sovereignty, Jurisdiction And Emblems | | Statutory Actions And Torts | | Suffrage And Elections | | Taxation And Revenue | | Trade And Commerce | | Trusts And Estates Of Decedents And Persons Under Disability |
|
|
|
|
| search a lawyer |
|
|
| ACTS, STATUTES |
|
|
|
|
|
|
|
|
|
|
|
|
| Home > Statutes > Usa Missouri |
|
USA Statutes : missouri
Title : BUSINESS AND FINANCIAL INSTITUTIONS
Chapter : Chapter 368 Loan and Investment Companies
|
|
The term "loan and investment company" as used in this chapter
means any corporation formed under the provisions of this chapter. (RSMo
1939 § 5418)
Prior revisions: 1929 § 4979; 1919 § 10189
Corporations may be organized in the same manner as general and
business corporations, under chapter 351, RSMo, except as otherwise
herein provided. (RSMo 1939 § 5419, A.L. 1957 p. 212)
Prior revisions: 1929 § 4980; 1919 § 10190
The aggregate amount of the capital stock of any loan and
investment company organized under this chapter shall not be more nor
less than is provided for in the case of general and business
corporations. (RSMo 1939 § 5420, A.L. 1957 p. 212)
Prior revisions: 1929 § 4981; 1919 § 10191
In addition to the general powers conferred upon corporations by
chapter 351, RSMo, every loan and investment company organized under the
provisions of this chapter shall have the following powers:
(1) To lend money to any person, firm or corporation, secured by the
obligation of the person, firm or corporation, or otherwise;
(2) To sell or offer for sale its secured or unsecured evidences or
certificates of indebtedness or of investment and to receive from
investors therein or purchasers thereof payments therefor in installments
or otherwise with or without allowance of interest on the installments,
whether the evidences or certificates of indebtedness or of investment be
hypothecated for a loan or not, and to enter into contracts in the nature
of a security agreement or otherwise with the investors or purchasers
with regard to the evidences or certificates of indebtedness or of
investment securing any loan, and no such transaction shall in any way be
construed to affect the rate of interest on the loan, nor to constitute a
violation of any other law, conditioned that there be compliance with the
limitations thereon in this section contained. No evidences or
certificates of indebtedness or of investment, payable in installments,
shall be sold wherein the aggregate amount of the installment payments
agreed to be paid therefor shall be in excess of the face amount thereof.
Evidences or certificates of indebtedness or of investment payable in
installments and hypothecated for a loan with the loan and investment
company shall not be for an amount in excess of the actual amount of the
proceeds of the loan, plus any interest which may be taken in advance, or
discount at a rate not to exceed the lawful rate of interest, together
with charges permitted by this chapter. With the exception of the last
payment, no payment in excess of equal weekly, semimonthly, or monthly
payments, extending over the entire period for which the loan is made
shall be required by the terms of the evidences or certificates of
indebtedness or investment payable in installments which have been so
hypothecated. At the maturity of any note or loan at any time payment or
settlement is made or demanded thereon, any evidence or certificate of
indebtedness or of investment issued in connection with or used as
security for the note or loan shall have a cash surrender value of an
amount not less than the sum of all payments made upon it whether the
evidence or certificate shall have matured or not;
(3) To charge for a loan made pursuant to this section two percent of the
amount loaned for any examination or investigation of the character and
circumstances of the borrower, comaker or surety and the drawing and
taking acknowledgment of necessary papers in making the loan. No charge
shall be collected unless a loan was made as the result of an examination
or investigation and this charge shall not be collected from the same
borrower more than once during any six-month period;
(4) When a loan is made which is evidenced by a nondeficiency note
secured in whole or in part by a security agreement or other lien upon a
motor vehicle and when it is provided in the note that the motor vehicle
may be returned to the company voluntarily or otherwise, regardless of
condition, in full satisfaction of the unpaid balance due thereon, after
crediting any amounts paid on any certificate of indebtedness or of
investment, if any, and a statement of such right is printed on the face
of the note, and a simple and concise printed statement of such right is
delivered to the borrower at the time the loan is made, to charge in
addition to the interest and other charges permitted by this chapter, an
additional five percent of the face amount of the note. On a note in
excess of four hundred dollars, this charge may be computed only on the
first four hundred dollars of the note; and on a note under one hundred
dollars, the charge may be computed as on a note of one hundred dollars.
Whenever a loan or note is renewed, extended or refinanced, or a new or
additional loan secured in whole or in part by a lien against the same
motor vehicle, the renewal or extension or refinance, new or additional
loan, shall not be subject to the charges provided in this subsection
when any such transactions exceed the number of one within any six-month
period. (RSMo 1939 § 5421, A.L. 1943 p. 502, A.L. 1965 p. 114)
Prior revisions: 1929 § 4982; 1919 § 10192
Any corporation organized under the provisions of this chapter,
or any officer or employee thereof, who shall violate any of the
provisions of section 368.040 shall be deemed guilty of a misdemeanor.
(RSMo 1939 § 5422, A.L. 1943 p. 502)
Whenever a loan upon which interest has been collected in
advance, shall be paid in full before maturity thereof, the licensee
shall allow or refund to the maker or makers a sum equivalent to
interest, at the same rate as charged on the loan, calculated on the
total amount of the unpaid installments or any evidence or certificate of
indebtedness or investment hypothecated on such loan, anticipated for the
period from the date of such payment to the maturity of the last
installment so anticipated. (L. 1943 p. 502 § 5422a)
No loan and investment company shall:
(1) Hold the obligation of any person, firm or corporation for money
borrowed, for an amount exceeding ten percent of the paid-in capital
stock of such loan and investment company, and its surplus and undivided
profit combined. The provisions of this section shall not apply to loans
secured by collateral so long as the market value of such collateral
shall exceed by twenty percent the total liabilities secured in each case
by such collateral, but no loan on collateral shall at any time exceed
twenty percent of the paid-in capital stock of such loan and investment
company and its surplus and undivided profits combined.
(2) Make any loan under the provisions of this chapter for a longer
period than eighteen months from the date thereof.
(3) Deposit any of its funds in any banking corporation, unless such
corporation has been designated as such depositary by a vote of a
majority of the directors or of the executive committee, exclusive of any
director who is an officer, director or trustee of the depositary so
designated, present at any meeting duly called at which a quorum is in
attendance. (RSMo 1939 § 5423, A.L. 1943 p. 502)
Prior revisions: 1929 § 4983; 1919 § 10193
Nothing in this chapter and none of the powers conferred upon
corporations organized hereunder shall be construed as authorizing such
corporations to receive money on deposit or engage in banking within the
meaning of section 362.420, RSMo. (RSMo 1939 § 5424)
Prior revisions: 1929 § 4984; 1919 § 10194
|
|
|
|
