Missouri Credit Laws

Sale of Goods 4 - Open Acct: 5 - Written Contract 10 (Money & Property) - Domestic Judgment 10 (Revived every 10 year) - Foreign Judgment 10 (revived every 10 years)

Three times face amount owed plus attorney’s fees.

See Federal law; exempt 90% of week’s net pay, head of household, single person w/o depend. = 75%

The homestead exemption in Missouri is $15,000. The homestead exemption for a mobile home is $1,000. Couples may not double these amounts. Property that is held in tenancy by the entirety may be exempt from the debts owed by one spouse.

ADDING FEES TO DEBT

No person, firm or corporation shall receive or impose any fee or charge, other than one expressly provided for by statute, for arranging credit in the amount of one thousand dollars or less the proceeds of which are intended to be used by the borrower primarily for personal, family or household purposes. Any contract evidencing such excess fee or charge and any note evidencing credit so arranged is void. Any person, firm or corporation who receives or imposes a fee or charge prohibited by this section is guilty of a class B misdemeanor.  Contracts with private attorneys or collection agencies [with the department of revenue] for assistance: For all taxes administered by the department of revenue, the director may enter into contracts with private attorneys or professional collection agencies for the collection of delinquent taxes owed by residents or nonresidents of the state of Missouri; except that, any contract let pursuant to this section shall be awarded in the manner prescribed by chapter 34, RSMo, and shall be subject to appropriation made therefore. Any contract entered into pursuant to this section shall not provide for a collection fee in excess of twenty-five percent of the amount collected. Attorney’s fees, credit agreements: 1. Notwithstanding any other provision of law to the contrary, attorney’s fees are permitted to enforce a credit agreement provided the enforcing attorney is a licensed member of the Missouri bar or is authorized to practice law in Missouri, and such fees meet one of the following requirements:

(1) Such fees are included in the written credit agreement, and are not otherwise prohibited by law; or 

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

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