Missouri · statute · Mo. Rev. Stat. ch. 427 · 24 active provisions
Notwithstanding any other law to the contrary, sections 427.011 to 427.041 provide the state of Missouri with a comprehensive body of law limiting the lender's or a representative's liability for violations of any state or local laws and ordinances relating to state environmental requirements by persons or entities wit…
As used in sections 427.011 to 427.041, the following terms mean: (1) "Contaminate" or "pollute", contamination or pollution of air, water, real or personal property, animals, or human beings from a location in the state of Missouri, including, but not limited to, contamination or pollution from hazardous substances or…
1. No person or entity shall be deemed to be an owner or operator of real or personal property, or a person having control over hazardous substances who, without participating in the management of such real or personal property, holds indicia of ownership primarily to protect a security or lienhold interest in the subj…
In sections 427.011 to 427.041, the general assembly hereby occupies and preempts the entire field of legislation imposing liability on lenders-owners for precedent environmental conditions which result in contamination or pollution, including by way of example and not of limitation, lender liability for hazardous subs…
The consent of the state is hereby granted to, and all appropriate powers are hereby conferred upon, any municipality or political subdivision organized under the laws of the state to institute any appropriate action authorized by any act of the Congress of the United States relating to bankruptcy on the part of any mu…
Sections 427.110 to 427.190 may be cited as the "Collateral Protection Act". As a part of their regular audit, state regulators may audit creditors that elect coverage under sections 427.110 to 427.190; when the creditor is primarily regulated by the state, the state agency currently authorized to examine such creditor…
In sections 427.110 to 427.190, unless the context otherwise requires, the following words and phrases shall mean: (1) "Collateral", any or all property pledged to secure payment, repayment, or performance under a credit agreement, including, but not limited to, personal property, real property, fixtures, inventory, re…
For protection under sections 427.110 to 427.190, a creditor may place collateral protection coverage provided the following conditions are met: (1) The debtor has entered into a credit transaction with the creditor; (2) The credit transaction has been reduced to a credit agreement, and the credit agreement requires th…
1. Within thirty calendar days following the placement of collateral protection coverage, the creditor shall mail to the debtor at the last known address of any such person, a notice entitled "Notice of Placement of Insurance" in a form substantially similar to the following: "NOTICE OF PLACEMENT OF INSURANCE Your cred…
If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception of the credit transaction, the creditor shall send to the debtor one of the following: (1) A reprinted coupon book with revised calculations of the debtor's payments that includes the amortized costs of the col…
1. Any collateral protection coverage purchased unilaterally by the creditor subsequent to the date of the credit agreement shall be cancelled whenever and for so long as: (1) The debtor has in place substitute insurance of at least the level of coverage required by the credit agreement to protect the collateral; and (…
Upon cancellation or expiration of collateral protection coverage, the amount of unearned premiums, if any, as calculated in accordance with the policy approved by the department of commerce and insurance as permitted by law, shall be refunded to the debtor. The amount of unearned premiums, however, may not be calculat…
Collateral protection coverage may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the department of commerce and insurance. The insurance shall be evidenced by an individual policy or a certificate of insurance.
A creditor that places collateral protection coverage in substantial compliance with the terms of sections 427.110 to 427.190 shall not be directly or indirectly liable in any manner to a debtor, cosigner, guarantor, or any other person in connection with the placement of the collateral protection coverage. Notices and…
Sections 427.110 to 427.190 do not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection coverage is for the sole purpose of protecting the interest of the creditor when the debtor fails to insure collateral as required by the credit agreement.
A creditor is not required to purchase collateral protection coverage or to otherwise insure collateral. A creditor shall not be liable to a debtor or to any other person for failure to purchase collateral protection coverage, as a result of the amount or level of coverage of collateral protection coverage purchased by…
The obligations and rights of the creditor and the debtor with respect to the collateral as provided by the uniform commercial code are not affected by sections 427.110 to 427.190.
The provisions of sections 427.110 to 427.190 are severable under section 1.140 and shall not impair any other remedies, rights, or options available to a creditor pursuant to any law, regulation, ruling, court order, contract, or agreement.
Any insurer, as defined in subdivision (5) of section 375.012, that underwrites collateral protection coverage for various creditors, may claim the protection of sections 427.110 to 427.190.
An action to enforce an obligation, duty, or right to determine liability for collateral protection coverage shall be commenced within five years after the cause of action accrues. The cause of action shall accrue when such collateral protection coverage is purchased.
Any person may hold personal property for lease, except as otherwise provided by law. A lease shall be in writing and may be either the functional equivalent of a loan or a true lease where the lessee pays compensation for the use of the leased property which is returned to the lessor at the end of the lease. A motor v…
1. Commissions paid to properly licensed employees or individual agents of a depository institution or a related entity shall not be more limited than commissions paid to employees or agents or any other properly licensed insurance agency, but shall be disclosed at least quarterly to the board of directors of the depos…
1. Deceptive use of a financial institution's name in notification or solicitation occurs when a business, or a person acting on its behalf, engages in the following activity: (1) Through advertisement, solicitation, or other notification, either verbally or through any other means, informs a consumer of the availabili…
1. This section shall be known and may be cited as the "Commercial Financing Disclosure Law". 2. For purposes of this section, the following terms mean: (1) "Account"; (a) Includes: a. A right to payment of a monetary obligation, regardless of whether earned by performance, for one of the following: (i) Property that h…