MO SB83

Repeals and reenacts sections 408.140, 408.233, and 408.300 of Missouri law and creates new section 408.380 to authorize the sale of deficiency waiver addendums, guaranteed asset protection, and similar products in loan transactions with collateral.

Permits lenders to charge for deficiency waiver addendums and similar products provided the cost is reasonable, disclosed in the loan contract, the borrower consents in writing, and the product meets requirements in section 408.380.

Requires borrower consent to be documented in writing with acknowledgment of required disclosures, and mandates creditors retain a copy for their file.

Entitles debtors to cancel these products within 15 days of purchase for a complete refund or credit of premium, with refunds computed using the pro rata method and notice provided in ten-point type at the time of debt incurrence.

Prohibits refunds of less than one dollar and requires any refund upon early product termination to be paid or credited promptly to the person entitled thereto.