408.232. Rates and terms.
Rates and terms.
408.232. 1. With respect to a second mortgage loan, any person, firmor corporation may charge, contract for, and receive interest in any mannerat rates agreed to by the parties computed on unpaid balances of theprincipal for the time actually outstanding.
2. The term of the loan, for purposes of this section, commences withthe date the loan is made. Differences in the lengths of months aredisregarded, and a day may be counted as one-thirtieth of a month andone-three hundred sixtieth of a year. When a second mortgage loan contractprovides for monthly installments, the first installment may be payable atany time within one month and fifteen days of the date of the loan.
3. For revolving loans, charges may be computed at a daily rate ofone-thirtieth of the monthly rate on actual daily balances or at a monthlyrate on the average daily balance in each monthly billing cycle.
4. Sections 408.231 to 408.241 shall not apply to any loans on whichthe rate of interest and fees charged are lawful under Missouri law withoutregard to the rates permitted in subsection 1 of this section and the feespermitted in section 408.233.
(L. 1979 S.B. 305, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 1994 H.B. 1312 merged with S.B. 718, A.L. 1998 S.B. 792, A.L. 2004 H.B. 959)