Section 7 Practice Tips - Payday Loans
| Library | Consumer Law and Practice 2010 – Forms |
. How many times was this loan renewed? Sections 408.500.6 and 408.505.4 and .5, RSMo Supp. 2010. When was the loan first incurred? Counsel should look at all subsequent renewals or new loans - was a "new loan" made at the same time the last one was paid? Descriptions should be obtained on exactly how the transactions physically occurred.
. Were the proceeds of one loan used to pay off the proceeds of another? Section 408.505.5.
. How much in interest and fees does the consumer pay? Section 408.505.3. Calculate figures using the loan and all renewals, including "new loans" that are actually renewals. Is this figure over 75% of the principal originally...
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