Missouri § 365.140 - Prepayment of debt under retail installment contract — refund, how computed — proof of payment.
Full text of Missouri Revised Statutes of Missouri § 365.140 — Prepayment of debt under retail installment contract — refund, how computed — proof of payment., with citation guidance and answers to common questions.
§ 365.140. Prepayment of debt under retail installment contract — refund, how computed — proof of payment.
Notwithstanding the provisions of any retail installment contract to the contrary any buyer may prepay in full, whether by payment in cash, extension or renewal, at any time before maturity the debt of any retail installment contract and on so paying the debt shall receive a refund credit thereon for the anticipation of payment. The amount of the refund shall be calculated by the actuarial method. The lender shall retain no more interest than is actually earned whenever a retail installment contract is prepaid. Any insurance rendered unnecessary by reason of prepayment shall be cancelled by the holder and any refund of premiums received by the holder shall be treated in accordance with the provisions of subsection 2 of section 365.080. If a retail installment contract is paid in full, the holder shall provide the buyer proof of payment in full which may be by a letter referencing the contract, which shall include information identifying the contract such as the original loan date, account number or other identifying number or code, or by returning the original contract or a copy thereof that is marked as paid in full by the holder.
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(L. 1963 p. 466 § 13, A.L. 1986 H.B. 1207, A.L. 2002 S.B. 895, A.L. 2021 S.B. 106)
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Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 365.140
What does Revised Statutes of Missouri § 365.140 cover?
Section 365.140 ("Prepayment of debt under retail installment contract — refund, how computed — proof of payment.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 365.140?
A common citation format is "Revised Statutes of Missouri § 365.140" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 365.140 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.