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MO HB375

Bill

Official Source

Status

Introduced

1/30/2013

Primary Sponsor

Stanley Cox

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Repeals and replaces section 432.047 of Missouri Revised Statutes regarding credit agreements and enforceability
  • Requires credit agreements to be in writing, provide for payment of interest or other consideration, set forth relevant terms and conditions, and be executed by both the debtor and the lender
  • Applies only to commercial credit agreements and does not apply to credit agreements for personal, family, or household purposes
  • Requires specific boldface ten-point type warning language in written credit agreements stating that oral or unexecuted agreements to loan money or extend credit are not enforceable
  • Does not affect the enforceability of promissory notes, guaranties, security agreements, deeds of trust, mortgages, or other instruments evidencing financial obligations or security interests

Legislative Description

Requires credit agreements to be executed by both the debtor and the lender and signed by the debtor

Last Action

Public Hearing Completed (H)

3/6/2013

Committee Referrals

Judiciary2/6/2013

Full Bill Text

No bill text available