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Code · Kansas · Chapter 9 — Banks And Banking; Trust Companies

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

95 words·~1 min read·/ks/chapter-9/9-2231

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