408.145. Fees for credit cards issued in contiguous states.
Fees for credit cards issued in contiguous states.
408.145. 1. To encourage competitive equality, lenders issuingcredit cards in this state pursuant to the authority of section 408.100 or408.200, may in addition to lawful interest, contract for, charge andcollect fees for such credit cards which any lender in any contiguous stateis permitted to charge for credit cards issued in such contiguous state bysuch state's statutes. State-chartered lenders charging such fees inreliance on this subsection shall file a copy of the pertinent statutes ofone contiguous state authorizing credit card fees with the director offinance or such lender's principal state regulator. The director offinance or other principal state regulator shall, within thirty days afterreceipt of the filing, approve or disapprove of such fees on the sole basisof whether the statutes of such contiguous state permit such fees, andwithout regard to the restrictions placed upon credit cards by subsection 2of this section. When the lender is chartered by the federal government,or any agency thereunder, or is unregulated, such lender shall file withand be approved by the Missouri attorney general under the same provisionas provided a state-chartered lender.
2. "Credit card" as used in this section shall mean a credit devicedefined as such in the federal Consumer Credit Protection Act andregulations thereunder, except:
(1) The term shall be limited to credit devices which permit theholder to purchase goods and service upon presentation to third partieswhether or not the credit card also permits the holder to obtain loans ofany other type; and
(2) Such credit device shall only provide credit which is not securedby real or personal property.
3. "Lender" as used in this section shall mean any category ofdepository or nondepository creditor. Notwithstanding the provisions ofsection 408.140, the lender shall declare on each credit card contractwhether the credit card fees are governed by section 408.140, or by thissection.
(L. 1998 S.B. 792 merged with S.B. 852 & 913)Effective 1-1-99