Modifies standards relating to financial transactions

HB 2850 modifies the standards for fees and charges that lenders can impose on various financial transactions in Missouri. The bill primarily affects borrowers and lenders by clarifying limits on upfront fees for loans, late payment penalties, and service charges, while explicitly allowing certain exceptions for open-end credit like credit cards. Key provisions include capping upfront loan fees at ten percent of the principal amount, setting specific maximums for late fees and attorney fees, and permitting annual fees of up to fifty dollars for credit cards issued by Missouri-based institutions. Additionally, the legislation authorizes convenience fees for alternative payment methods and clarifies rules regarding credit advance fees on lines of credit.