Effective 28 Aug 1993
367.021. Secured personal credit loans — who may make — interest rate. — 1. Subject only to constitutional police regulations, not affecting the loan fee and the interest rate authorized by this section, in force in any municipality or county wherein secured personal credit loans are made, any person, natural or corporate, may make secured personal credit loans, regardless of the nature and character of any business in which the lender may at the time of making any such loan be engaged, and regardless of whether the lender may at the same time be engaged in making loans in other classifications, at the same, or at a higher or lower loan fee and interest rate than authorized by this section to be collected and paid to the lender on secured personal credit loans.
2. The maximum rate of interest which may be charged for making and carrying any secured personal credit loan shall not exceed two percent per month on the amount of such loan. Lenders may also charge for the storage and security of such pledged property.
--------
(L. 1951 p. 281 § 2, A.L. 1990 H.B. 1125, A.L. 1993 S.B. 18)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.