Kan. Admin. Regs. § 17-11-18 - Loans; documentation requirements
(a) Except as specified in this subsection,
each bank shall maintain complete and current credit information, not older
than 15 months, for each borrower if the total amount of the following is
greater than $250,000:
(1) All loans made to
the borrower; and
(2) all loans
attributable to the borrower pursuant to
K.S.A. 9-1104, and amendments thereto.
This subsection shall not apply if all loans made or attributable to the borrower are adequately secured.
(b)
(1)
Unless loan repayment is guaranteed by a governmental program or private
insurance company, the following requirements shall apply:
(A) For each purchase-money real estate
mortgage loan not greater than $250,000, the bank shall maintain a written
verification that a lien search of the records of the county register of deed's
office was conducted and the bank's lien position was determined or any option
listed under paragraph (b)(1)(B).
(B) For each purchase-money real estate
mortgage loan greater than $250,000, the bank shall obtain and maintain on file
either an attorney's written title opinion or a title insurance
policy.
(C) For each
non-purchase-money real estate mortgage loan that is not greater than $250,000,
the bank shall meet one of the following requirements:
(i) Maintain a written verification that a
lien search of the records of the county register of deed's office was
conducted and the bank's lien position was determined;
(ii) obtain and maintain on file an insurance
policy fully insuring the bank against loss of the mortgage priority
position;
(iii) obtain and maintain
on file an attorney's written title opinion; or
(iv) obtain and maintain on file a title
insurance policy.
(D) For
each non-purchase-money real estate mortgage loan greater than $250,000, the
bank shall obtain and maintain on file an attorney's written title opinion or a
title insurance policy.
(2) For purposes of this subsection,
"non-purchase-money real estate mortgage loan" shall mean a mortgage loan that
does not finance or refinance the acquisition of real estate or the transfer of
a deed.
(c) If the value
of the improvements on any real estate is necessary for adequate protection of
the loan, an insurance policy covering these improvements against fire and
windstorm shall be on file with the bank for any loan greater than
$25,000.
(d) A real estate mortgage
or deed of trust, showing the filing information with the county register of
deeds, shall be on file with the bank for each loan collateralized by real
estate.
(e) For any loan
collateralized by personal property, if the bank is required by law to file a
financing statement to perfect a security interest, the bank shall maintain a
copy of the filed financing statement. In other cases, the bank shall maintain
all documents related to the loan.
Notes
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No prior version found.