Kan. Admin. Regs. § 38-8-1 - Conditions concerning manufactured home financing
(a) As used in this
regulation:
(1) "Manufactured home" shall
have the meaning ascribed thereto in 42 U.S.C. Sec. 5402(6).
(2) "Chattel paper" shall mean written
evidence of both a monetary obligation and a security interest.
(b) Subject to subsection (c), any
association may:
(1) make or buy any
manufactured home loans;
(2)
provide inventory financing for manufactured home dealers; and
(3) invest in manufactured home chattel
paper.
(c) All
financings relating to manufactured homes shall be subject to the following
limitations.
(1) All financing shall involve
secured obligations.
(2) Chattel
paper securing inventory shall be a direct obligation of the dealer.
(3) Chattel paper shall provide for the
lender's protection regarding insurance, taxes, other governmental levies,
maintenance and repairs.
Notes
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