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New credit agreement language goes into effect in Missouri on August 28

David Warfield August 16, 2013
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Lenders dealing with Missouri borrowers should be aware of a small, but very important, change in Missouri law regarding credit agreements that becomes effective on August 28, 2013. READ MORE

Consider litigating spousal guaranties in federal court to avoid the Equal Credit Opportunity Act

Jeff Fink April 30, 2013
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If the Equal Credit Opportunity Act is violated, the spousal guaranty may be void or, even worse, the financial institution may face liability. In Missouri and Illinois, whether the ECOA applies to a spousal guaranty depends on whether the financial institution attempts to enforce the spousal guaranty in federal or state court. READ MORE

Keep rejected loan applicants in the loop or face possible punitive damages

Jeff Fink April 18, 2013
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If a bank has approved a loan application but later changes its mind, it should promptly advise the loan applicant; otherwise, the bank may face liability for punitive damages. This was the lesson in Bailey v. Hawthorn Bank before the Missouri Court of Appeals Western District. READ MORE