Kansas Statutes 58-2340. Same; liability of lenders upon failure to comply with act’s requirements
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Terms Used In Kansas Statutes 58-2340
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Lender: means all state and national banks, trust companies, state and federally chartered savings and loan associations, federally chartered savings banks or state and federally chartered credit unions or any person making a home loan;
(b) "selling lender" means a lender who sells, assigns or transfers the servicing of a loan to a purchasing lender or a servicing agent;
(c) "purchasing lender" means a lender or servicing agent who buys the servicing of a loan from a selling lender;
(d) "home" means a dwelling or dwellings for not more than four families. See Kansas Statutes 58-2337
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
If the selling lender fails to comply with the requirements of Kan. Stat. Ann. § 58-2338, or the purchasing lender fails to comply with the requirements of Kan. Stat. Ann. § 58-2339, and such failure to comply was due to the lender’s failure to exercise reasonable care, the lender is liable to the mortgagor for $100 per occurrence, in addition to actual damages caused by the failure to comply.