16a-3-207.
History: L. 1999, ch. 107, § 1; L. 2000, ch. 64, § 2; Repealed, L. 2024, ch. 6, § 120; January 1, 2025.
KANSAS COMMENT, 2010
1. This section requires a lender to obtain the appraised value of the real estate covered by a first or second mortgage loan on the consumer's principal residence. See also K.S.A. 16a-1-301(6) for additional guidance on acceptable appraisals.
2. If the loan-to-value ratio (K.S.A. 16a-1-301(28)) of a proposed loan exceeds 100%, then the lender must give the consumer a free copy of the appraisal and a notice regarding high loan-to-value mortgages. Guidance on the form of the notice can be found in Administrative Interpretation No. 1008. The notice must be given to the consumer at least 3 days before the loan is made. During the 3-day "cooling off" period, the consumer may decide not to close the loan and receive a full refund of all application fees and other charges (other than any actual out-of-pocket fees paid by the lender to an unrelated third party).
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