Missouri Increases Credit Advance Fees

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On July 12, Missouri enacted SB 254, which increases credit advance fees for open-end credit loans of 31 days or longer. Under current Missouri law, lenders may charge a credit advance fees of up to the lesser of $25 or 5% of the credit advanced from the line of credit. Effective August 28, 2013, lenders may charge a credit advance fee of up to the lesser of $75 or 10%of the credit advanced from the line of credit.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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