16a-5-111. (UCCC) Cure of default.
16a-5-111
16a-5-111. (UCCC) Cure of default.
(1) This section applies to consumer credit transactions.
(2) Except as provided in subsection (3), after a default consisting
only of the consumer's failure to make a required payment in a consumer
credit transaction payable in installments, a creditor may neither
accelerate maturity of the unpaid balance of the obligation nor take
possession of collateral because of that default until
20 days
after a notice of the consumer's right to cure (K.S.A.
16a-5-110, and amendments thereto) is
given. Until 20 days after the notice is given, the
consumer
may cure all defaults consisting of a failure to make the required
payment by tendering the amount of all unpaid sums due at the time of
the tender, without acceleration, plus any unpaid delinquency
charges. Cure restores the consumer to the consumer's rights
under the agreement as
though the defaults had not occurred.
(3) With respect to defaults on the same obligation after a creditor
has once given a notice of consumer's right to cure (K.S.A. 16a-5-110, and
amendments thereto),
this section gives the consumer no right to cure and imposes no
limitation on the creditor's right to proceed against the consumer or
the collateral.
History: L. 1973, ch. 85, § 87; L. 1974, ch. 91, § 3;
L. 2005, ch. 144, § 17; July 1.