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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

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

Internal bank documents can satisfy written credit agreement requirement of Missouri Credit Agreement Act

Jeff Fink April 9, 2013
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In a recent case, the Missouri Court of Appeals ruled that the Missouri Credit Agreement Act’s requirements can be satisfied by internal bank documents that indicate that the bank has agreed to make a loan even if the documents are never shared with the loan applicant. READ MORE