Kan. Admin. Regs. § 38-4-1 - Conditions under which loans may be made

Any association may, on adoption of such a loan plan by its board of directors, make or purchase unsecured loans for property alteration, repair, equipping or improvement, subject to the limitations set forth in K.S.A. 1983 Supp. 17-5501(t) and acts amendatory thereof, and the following additional prohibitions, limitations, and conditions:

(a) Each such loan investment shall be evidenced by one or more notes, and shall be repayable in at least quarterly installments, with the first installment due no later than 120 days from the date the loan is made, and a final installment due no later than 20 years and 32 days from such date.

(b) Any such loan investment made for equipping property shall be restricted to home loans.

Notes

Kan. Admin. Regs. § 38-4-1

Authorized by and implementing K.S.A. 1983 Supp. 17-5501(t)(2); effective May 1, 1979; amended May 1, 1985.