408.050. Excess interest paid recoverable with costs and attorney fee.

Excess interest paid recoverable with costs and attorney fee.

408.050. No person shall directly or indirectly take, forthe use or loan of money or other commodity, above the rates ofinterest specified in sections 408.020 to 408.040, for theforbearance or use of one hundred dollars, or the value thereof,for one year, and so after those rates for a greater or less sum,or for a longer or shorter time, or according to those rates orproportions, for the loan of any money or other commodity. Anyperson who shall violate the foregoing prohibition of thissection shall be subject to be sued, for any and all sums ofmoney paid in excess of the principal and legal rate of interestof any loan, by the borrower, or in case of borrower's death, bythe administrator or executor of his estate, and shall beadjudged to pay the costs of suit, including a reasonableattorney's fee to be determined by the court.

(RSMo 1939 § 3229)

Prior revisions: 1929 § 2842; 1919 § 6494; 1909 § 7182

(1962) In action by borrower against bank to recover alleged usurious interest, parol evidence to effect that loan was to be for one year and that bank fraudulently induced borrowers to sign five year loan agreement and required additional payment at end of one year to close out loan, was inadmissible. Reich v. Pine Lawn Bank & Trust Co. (A.), 356 S.W.2d 545.

(1964) This section is not applicable to pawnbroker loans. McClure v. Norwich (A.), 382 S.W.2d 731.