408.092. Attorney fees, enforcement of credit agreements, limitations.

Attorney fees, enforcement of credit agreements, limitations.

408.092. 1. Notwithstanding any other provision of law to thecontrary, attorneys' fees are permitted to enforce a credit agreementprovided the enforcing attorney is a licensed member of the Missouri bar oris authorized to practice law in Missouri, and such fees meet one of thefollowing requirements:

(1) Such fees are included in the written credit agreement, and arenot otherwise prohibited by law; or

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

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

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

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

(L. 1997 H.B. 257)