| SB 0248 | Authorizes sellers of motor vehicles to add any debt owed on a trade-in to a new retain installment contract |
| Sponsor: | Maxwell | |||
| LR Number: | S0925.02P | Fiscal Note: | 0925-02 | |
| Committee: | Commerce and Environment | |||
| Last Action: | 05/04/99 - Voted Do Pass H Motor Vehicle & Traffic Regulation | Journal page: | ||
| Committee | ||||
| Title: | SCS SB 248 | |||
| Effective Date: | August 28, 1999 | |||
SCS/SB 248 - This act allows sellers of motor vehicles to accept a vehicle in trade when the purchaser still owes money on the vehicle. The seller may advance money to pay the debt and finance repayment through a retail installment contract.
The act also specifies that any person may hold personal
property for lease. Lease payments are to be considered in the
nature of rent rather than interest, and the provisions of
Chapter 408, RSMo, regarding interest allowable on loans, shall
not apply. This act is similar to a provision contained in
HCS/SCS/SB 386.
JOAN GUMMELS