408.090. Demand loans where only securities are pledged not subject to usury laws.
Demand loans where only securities are pledged not subject to usurylaws.
408.090. Any other laws to the contrary notwithstanding, inany case in which advances of money, repayable on demand, aremade solely upon securities, as defined in section 400.8-102(a)RSMo 1969, pledged as collateral for such repayment and in whichsuch advances are used by the borrower only for the purchase ofsecurities, as so defined, it shall be lawful to receive or tocontract to receive and collect, as compensation for making suchadvances, any sum agreed upon by the parties to such transaction.
(L. 1974 S.B. 455 § 1)