Attorney General Opinion No. 1979-252

Download or read book Attorney General Opinion No. 1979-252 written by Robert T. Stephan and published by . This book was released on 1979 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Loans secured by a first real estate mortgage may be made pursuant to the provisions of the Uniform Consumer Credit Code (K.S.A. 16a-1-101 through 16a-9-102), either as a "consumer loan," as defined by K.S.A. 16a-1-301(14), or as a loan made subject to the UCCC by agreement of the parties thereto, as authorized by K.S.A. 16a-1-109. Unless it is a supervised loan made under a license issued by the Consumer Credit Commissioner, such real estate loans may be made at a maximum interest rate of not to exceed 14.45% on that portion of the unpaid balance thereof in excess of $1,000 (K.S.A. 1978 Supp. 16a-2-401). The 11% interest rate authorized by K.S.A. 1978 Supp. 16-207 is applicable only to loans secured by a first real estate mortgage. Unless made pursuant to the UCCC as a consumer loan or by agreement of the parties under K.S.A. 16a-1-109, a loan secured by a second real estate mortgage is subject to the general usury rate of 10% specified in K.S.A. 1978 Supp. 16-207. Unless made subject to the UCCC by agreement of the parties under K.S.A. 16a-1-109, a contract for deed wherein a rate of interest is specified also is subject to said general usury rate of 10%.