Area 404
16a-2-404. Pay day loans; finance fees; liberties and duties. (1) On customer loan deals by which cash is advanced:
(a) By having a term that is short
(b) a solitary repayment payment is anticipated, and
(c) such cash loan is equal to or lower than $500, an authorized or supervised lender may charge a quantity to not surpass 15% associated with level of the money advance.
(2) The term that is minimum of loan under this part will probably be 1 week and also the maximum term of every loan made under this part will be 1 month.
(3) a loan provider and interest that is related maybe not have significantly more than two loans made under this area outstanding into the exact exact same debtor at any one some time shall perhaps not make more than three loans to your one debtor inside a 30 calendar time duration. Each loan provider shall keep a log of loan deals for every single debtor which shall add at the least the following information:
(a) Name, target and cell phone number of every debtor; and
(b) date made and due date of each and every loan.
(4) Each loan agreement made under this area shall retain the notice that is following at least 10 point bold face kind: NOTICE TO BORROWER: KANSAS LAW PROHIBITS THIS LENDER AND THEIR RELATED INTEREST FROM HAVING ABOVE TWO LOANS OUTSTANDING FOR YOU AT a ONETIME. A LENDER CANNOT DIVIDE THE QUANTITY YOU WISH TO BORROW TOWARDS SEVERAL LOANS SO THAT YOU CAN BOOST THE FEES YOU PAY.
Ahead of consummation associated with loan transaction, the loan provider must:
(a) supply the notice established in this subsection both in English and Spanish; and
(b) receive the debtor’s signature or initials beside the English form of the notice or, then next to the Spanish version of the notice if the borrower advises the lender that the borrower is more proficient in Spanish than in English.Continue reading