Kansas Statutes 16a-2-307. (UCCC) Restrictions on interest in land as security
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 16a-2-307
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
With respect to a consumer loan in which the finance charge exceeds 12% and the amount financed is $3,000 or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.