Section 81 Credit Union Loans
| Library | Motor Vehicle 2011 |
An increasingly common source of financing for automobile sales is the credit union. A growing number of purchasers now have access to some credit union, either through employment or membership in some other group. These loans are governed by § 370.300, RSMo Supp. 2010, which permits the parties to agree to any rate of interest not exceeding “the maximum rate in similar classes allowed all other lenders under the laws of this state.” Section 370.300.1. The credit union law is silent on borrowers’ remedies...
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