Kansas Statutes 50-1012. Same; liability of loan broker to damaged parties; rights of prospective borrower
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 50-1012
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Loan: means any agreement to advance money or property in return for the promise to make payments for the money or property. See Kansas Statutes 50-1001
- Loan broker: means any person who, in return for a fee from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. See Kansas Statutes 50-1001
Any person who violates this act, in connection with a contract for the services of a loan broker, is liable to any person damaged by the violation, for the amount of the actual damages suffered, interest at the legal rate, and attorney fees. If a loan broker violates any provision of this act, in connection with a contract for loan brokering services, the contract is void, and the prospective borrower is entitled to receive from the loan broker all sums paid to the loan broker.