408.178. Deferral of monthly loan payments, fee authorized for certain loans.
Deferral of monthly loan payments, fee authorized for certain loans.
408.178. Notwithstanding any other law to the contrary, on loans withan original amount of six hundred dollars or more, and provided the debtoragrees in writing, the lender may collect a fee in advance for allowing thedebtor to defer monthly loan payments, so long as the fee on each deferredperiod is no more than the lesser of fifty dollars or ten percent of theloan payments deferred, however, a minimum fee of twenty-five dollars ispermitted, and no extensions are made until the first loan payment iscollected on any one loan. This section applies to nonprecomputed loansonly.
(L. 2004 H.B. 959)