Kan. Admin. Regs. § 110-40-7 - Loan administration and servicing
(a) The
lender shall perform, administer, and service the loan in accordance with
customary and prudent commercial banking practices and in accordance with the
terms of all agreements between lender and exporter related to the loan.
(b) The lender shall maintain, and
upon request, make available to the department all documents relating to the
loan.
(c) The lender shall obtain
from exporter the loan security and shall take all necessary action to perfect
the security interests.
(d) The
lender shall preserve and protect the interest of the lender and the department
in the loan and loan security in accordance with customary and prudent
commercial banking practices.
(e)
The lender shall immediately notify the exporter of any past due payments. If
the exporter fails to cure the nonpayment within 30 days, the lender shall
notify the director's office and confer regarding action to be taken in
servicing and collecting the export loan and pursuing the export loan security.
Notes
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