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16a-3-308a.

History: L. 1999, ch. 107, § 3; L. 2005, ch. 144, § 15; L. 2006, ch. 67, § 1; Repealed, L. 2024, ch. 6, § 120; January 1, 2025.

KANSAS COMMENT, 2010

1. Subsections (1) and (2) prohibit negative amortization or balloon payments on loans secured by a first or second mortgage on the consumer's principal residence if the loan-to-value ratio (K.S.A. 16a-1-301(28)) of the loan exceeds 100% or the annual percentage rate on the loan exceeds the code mortgage rate (K.S.A. 16a-1-301(11)). These restrictions do not apply to open end consumer loans (such as a home equity line of credit), purchase money loans used to acquire or build the residence, or to reverse mortgages. This provision is based on Regulation Z, 12 C.F.R. § 226.32(d), but expands the limitations of that provision.

2. Subsection (3) of this section requires the lender to disburse the proceeds of a first or second mortgage loan as soon as all conditions are satisfied. There is an exception for situations (such as a line of credit or a construction loan) where the parties agree to a different disbursement schedule.


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