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Title XXVI TRADE AND COMMERCE

Chapter 408

previous next Effective - 28 Aug 1997bottom

  408.092.  Attorney fees, enforcement of credit agreements, limitations. — 1.  Notwithstanding any other provision of law to the contrary, attorneys' fees are permitted to enforce a credit agreement provided the enforcing attorney is a licensed member of the Missouri bar or is authorized to practice law in Missouri, and such fees meet one of the following requirements:

  (1)  Such fees are included in the written credit agreement, and are not otherwise prohibited by law; or

  (2)  Such fees do not exceed fifteen percent of the outstanding credit balance in default, provided such credit was extended by a for-profit business or credit union.

  2.  At the court's discretion, additional fees may be awarded to the attorney for the prevailing party.

  3.  For the purposes of this section, a "credit agreement" shall have the same meaning as provided in subsection 1 of section 432.045.

  4.  No provision of this section shall be construed to authorize or limit attorney's fees permitted parties and transactions not covered by this section.

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(L. 1997 H.B. 257)


---- end of effective   28 Aug 1997 ----

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