Debt waivers from banks or credit unions that follow state or federal rules do not have to follow certain Missouri consumer protection laws. Also, those same laws do not apply when a debt waiver is part of a business deal rather than a personal one.
407.2055. Debt waivers , when. — 1. Debt waivers offered by state or federal banks or unions in with applicable state or federal law shall be exempt from the of sections 407.2020 to 407.2090.
2. The provisions of sections 407.2045 and 407.2080 shall not apply to debt waivers offered in connection with commercial transactions.
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Source & history notes
(L. 2023 S.B. 398)
Related Missouri laws
Debt waiver cancellation
RSMo 407.2050
Definitions
RSMo 407.2060
Debt waiver disclosure requirements
RSMo 407.2045
Administration of agreements, use of administrator or designee
RSMo 407.2065
Debt waiver insurance policies, requirements and coverage
RSMo 407.2040
Agreement disclosures
RSMo 407.2070
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.