408.050. Excess interest paid recoverable with costs and attorney fee. — No person shall directly or indirectly take, for the use or loan of money or other commodity, above the rates of interest specified in sections 408.020 to 408.040, for the forbearance or use of one hundred dollars, or the value thereof, for one year, and so after those rates for a greater or less sum, or for a longer or shorter time, or according to those rates or proportions, for the loan of any money or other commodity. Any person who shall violate the foregoing prohibition of this section shall be subject to be sued, for any and all sums of money paid in excess of the principal and legal rate of interest of any loan, by the borrower, or in case of borrower's death, by the administrator or executor of his estate, and shall be adjudged to pay the costs of suit, including a reasonable attorney's fee to be determined by the court.
Notes of Decisions
Cited in
15
cases, 1954–2020 · leading case:
Julian v. Burrus, 600 S.W.2d 133 (Mo. Ct. App. 1980).
Julian v. Burrus, 600 S.W.2d 133 (Mo. Ct. App. 1980).
· cites it 39× “00 in attorney’s fee arising from a loan transaction of her deceased husband which she alleged represented usurious interest pursuant to Section 408.050 RSMo 1969 (now Section 408.”
Garrett v. Citizens Sav. Ass'n, 636 S.W.2d 104 (Mo. Ct. App. 1982).
· cites it 10× “Section 408.050, RSMo 1969 further provided: No person shall directly or indirectly take, for the use or loan of money .”
Addison v. Jester, 758 S.W.2d 454 (Mo. Ct. App. 1988).
· cites it 6× “In Missouri, §§ 408.050 and 408.060 contain the prohibition against usurious interest and, apart from § 408.”
Hanson v. Acceptance Fin. Co., 270 S.W.2d 143 (Mo. Ct. App. 1954).
· cites it 6× “, 1939, now Section 408.050 RSMo 1949, V.A. M.S., prescribed the exclusive remedy for the recovery of usurious interest paid; (b) plaintiffs failed to prove facts which would entitle them to recover in a common-law action for fraud and deceit; and (c) the petition upon which the…”
Wilner v. O'donnell, 637 S.W.2d 757 (Mo. Ct. App. 1982).
· cites it 4× “When Rukavina was decided, § 408.050 RSMo 1949, was the only section under Chapter 408 delineating the monetary recovery available in a suit by a debtor against a usurious creditor.”
Mitchell v. Residential Funding Corp., 334 S.W.3d 477 (Mo. Ct. App. 2011).
“In absence of the MSMLA, usurious interest rates under sections 408.050 and 408.030 would authorize Plaintiffs’ damages at twice the amount of the excess interest.”
Affiliated Acceptance Corp. v. Boggs, 917 S.W.2d 652 (Mo. Ct. App. 1996).
· cites it 2× “Section 408.050, however, authorizes a borrower who has paid usurious interest to recover the excess interest charges and costs.”
Anderson v. Curls, 309 S.W.2d 692 (Mo. Ct. App. 1958).
· cites it 3× “Appellants next contend that even though the transaction may be found to be a loan wherein plaintiff borrowed $200 and was required to pay back $400, plaintiff would not be entitled to injunctive relief because she refused to tender the bona fide amount due and brought her…”
Wyatt v. Com. Credit Corp., 341 S.W.2d 348 (Mo. Ct. App. 1960).
· cites it 3× “Section 408.050 RSMo 1949, V.A.M.S. An accepted definition is that usury is the exacting, taking, or receiving of a greater rate of interest than is allowed by law for the use or loan of money.”
Lucas v. Beco Homes, Inc., 494 S.W.2d 417 (Mo. Ct. App. 1973).
“8 The Missouri decisions in this area have all been by the Courts of Appeals, and strangely enough our Supreme Court has never definitively passed on the issue. Appellant relies on these decisions to urge that the transaction here was a time price differential sale and not a…”
Reich v. Pine Lawn Bank & Trust Co., 356 S.W.2d 545 (Mo. Ct. App. 1962).
· cites it 2× “This is an action by Gilbert Reich and Frances Reich, his wife, against Pine Lawn Bank and Trust Company, to recover an amount charged by defendant as interest on a loan alleged to be in excess of the legal rate of interest together with an attorney’s fee as authorized by §…”
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