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Title XXVI TRADE AND COMMERCE

Chapter 408

previous next Effective - 28 Aug 1994bottom

  408.130.  Borrower to receive statement of contract — contents — prepayment effect — receipts for payments. — 1.  At the time the loan is made, there shall be delivered to the borrower, or, if there are two or more borrowers, to one of them, a written statement or copy of the loan contract showing in clear and distinct terms:

  (1)  The name and address of the lender and of one of the borrowers;

  (2)  The date of the loan contract;

  (3)  The schedule of installments or description thereof;

  (4)  The type of any instrument securing the loan;

  (5)  The principal amount of the loan excluding interest;

  (6)  The rate or amount of interest as the contract may provide;

  (7)  That the borrower may prepay the loan, in whole or in part, at any time, and in case interest has been added to the principal of the loan;

  (8)  That the interest is subject to the refund requirements of section 408.170 if the loan is prepaid in full.

  2.  A receipt shall be given for the amount of each payment made in currency.  Any note paid in full, or a copy thereof, shall be so marked "paid" and returned, and any security interest which no longer secures a loan shall be restored, cancelled or released.

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(L. 1951 p. 875 § 408.032(b), A.L. 1965 p. 114, A.L. 1994 H.B. 963)


---- end of effective   28 Aug 1994 ----

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