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Title XXVI TRADE AND COMMERCE

Chapter 408

previous next Effective - 28 Aug 1982bottom

  408.150.  Lender can not receive excess interest — failure by lender to return excess interest, damages allowed. — If any amount in excess of the interest permitted by sections 408.100 to 408.190 is charged or received on any loan except as the result of a bona fide error, the lender shall be barred from recovery of any interest on the contract and shall upon demand return all interest received to the person from* whom received.  If such interest is not returned upon written demand, then the person paying the same or his legal representative may recover twice the amount paid together with costs of the suit and reasonable attorney's fees, provided that the action is brought within five years of such written demand.

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(L. 1951 p. 875 § 408.032(d), A.L. 1982 H.B. 1341, et al.)

*Word "from" does not appear in original rolls.


---- end of effective   28 Aug 1982 ----

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