Kansas § 9-2231 Loans secured by mortgages on consumer's principal residence; negative amortization and balloon payments prohibited

Kansas Statutes

§ 9-2231 — Loans secured by mortgages on consumer's principal residence; negative amortization and balloon payments prohibited

Kansas·Ch. 9 BANKS AND BANKING; TRUST COMPANIES·Art. 22 MORTGAGE BUSINESS

(a)A covered transaction shall not provide for the negative amortization of principal or a balloon payment when the loan-to-value ratio at the time such covered transaction was made exceeds 100% or when the annual percentage rate of the loan exceeds the code mortgage rate unless such covered transaction is open-end, incurred to acquire or construct the consumer's principal residence or a reverse mortgage.

(b)This section shall be a part of and supplemental to the Kansas mortgage business act.

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(a) A covered transaction shall not provide for the negative amortization of principal or a balloon payment when the loan-to-value ratio at the time such covered transaction was made exceeds 100% or when the annual percentage rate of the loan exceeds the code mortgage rate unless such covered transaction is open-end, incurred to acquire or construct the consumer's principal residence or a reverse mortgage.
(b) This section shall be a part of and supplemental to the Kansas mortgage business act.

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