16a-2-308. (UCCC) Regular schedule of payments; maximum loan term. Supervised loans not made pursuant to open-end credit or lender credit cards issued by a supervised lender and in which the amount financed is $1,000 or less and the principal of which is payable in more than a single payment must be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor and over a period of not more than 25 months.
History: L. 1973, ch. 85, § 25; L. 1977, ch. 71, § 1; L. 2024, ch. 6, § 46; January 1, 2025.
KANSAS COMMENT, 2010
Under this section, all closed end supervised installment loans of $1,000 or less must be repayable in substantially equal installments at equal periodic intervals (normally one month), except where irregularities are appropriate to meet the debtor's needs with respect to seasonal or irregular income. In addition, limits are imposed on the aggregate term of such loans depending upon the amount financed.
Law Review and Bar Journal References:
"History & Overview of the Uniform Consumer Credit Code," Ryan E. Hodge, J.K.T.L.A. Vol. XXVI, No. 3, 8 (2003).
CASE ANNOTATIONS
1. Cited; Kansas regulation of payday loans over internet held not to violate dormant commerce clause. Quik Payday, Inc. v. Stork, 549 F.3d 1302, 1305 (2008).
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