Missouri Laws 407.2045 – Debt waiver disclosure requirements
Debt waivers shall disclose in writing and in clear, understandable language that is easy to read the following:
(1) The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor;
Terms Used In Missouri Laws 407.2045
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(2) The purchase price, if any, and the terms of the debt waiver including, but not limited to, the requirements for protection, conditions, or exclusions associated with the debt waiver;
(3) A statement that the borrower may cancel the debt waiver within a free-look period as specified in the debt waiver and, if so cancelled, shall be entitled to a full refund of the purchase price paid by the borrower, if any, so long as no benefits have been provided;
(4) The procedure the borrower is required to follow, if any, to obtain debt waiver benefits under the terms and conditions of the debt waiver, including, if applicable, a telephone number or website and address where the borrower may apply for debt waiver benefits;
(5) The terms and conditions governing cancellation consistent with all applicable Missouri laws; and
(6) A statement that any extension of credit, terms of the credit, or terms of the related motor vehicle sale or lease shall not be conditioned upon the borrower’s purchase of a debt waiver.