Missouri Laws 427.130 – Coupon book revision required, when, how
If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception of the credit transaction, the creditor shall send to the debtor one of the following:
(1) A reprinted coupon book with revised calculations of the debtor’s payments that includes the amortized costs of the collateral protection coverage;
Terms Used In Missouri Laws 427.130
- Amortization: Paying off a loan by regular installments.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) A supplemental coupon book with calculations of the debtor’s additional payments based upon the amortized costs of the collateral protection coverage, for use by the debtor in addition to the original coupon book; or
(3) A letter with both the amortized cost of the collateral protection insurance and a calculation of the debtor’s new payments including the amortized cost of the insurance. Such letter shall state in bold letters that the new payment obligation replaces the payment amount indicated in the coupon book.