The bill proposes the repeal of sections 516.110, 516.120, and 516.140 of the Revised Statutes of Missouri and enacts three new sections in their place, which modify the statute of limitations for certain debts. Notably, it establishes that actions for the collection of debt owed to a creditor by a debtor must be initiated within ten years, while actions related to credit card debt must be brought within two years after the cause accrues. Additionally, the bill clarifies that actions upon contracts, obligations, or liabilities, express or implied, are subject to a five-year limitation, with specific exceptions for those mentioned in section 516.110. Furthermore, the new legal language specifies that actions for the collection of credit card debt and other debts owed to creditors are explicitly included in the statute of limitations framework. The bill also reorganizes the structure of the sections, introducing new paragraphs that outline various types of actions and their respective time limits, including actions for trespass, injury to goods, and fraud. Overall, the bill aims to streamline and clarify the legal framework surrounding the statute of limitations for debt collection in Missouri.

Statutes affected:
Introduced (6188H.01): 516.110, 516.120, 516.140