MO SB254

Repeals and replaces section 408.140, RSMo, regarding permissible loan fees and charges in Missouri.

Increases the credit advance fee for open-end credit contracts from a maximum of $25 or 5% to $75 or 10% of credit advanced.

Allows lenders to charge fees on loans of 30+ days (excluding open-end credit) up to 5% of principal amount or $75 maximum, with restrictions on fees for extensions, refinances, or renewals without investigation.

Permits late payment charges on installments in default for 15+ days at up to 5% of payment due or $15 (whichever is greater), capped at $50 per installment, with reduced charges for installments of $25 or less.

Authorizes open-end credit contracts (credit cards) issued by Missouri-based companies to charge an annual fee not to exceed $50, in addition to other allowable charges.