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 consistingonly of the consumer's failure to make a required payment in a consumercredit transaction payable in installments, a creditor may neitheraccelerate maturity of the unpaid balance of the obligation nor takepossession of collateral because of that default until20 daysafter a notice of the consumer's right to cure (K.S.A.16a-5-110, and amendments thereto) isgiven. Until 20 days after the notice is given, theconsumermay cure all defaults consisting of a failure to make the requiredpayment by tendering the amount of all unpaid sums due at the time ofthe tender, without acceleration, plus any unpaid delinquencycharges. Cure restores the consumer to the consumer's rightsunder the agreement asthough the defaults had not occurred.

      (3)   With respect to defaults on the same obligation after a creditorhas once given a notice of consumer's right to cure (K.S.A. 16a-5-110, andamendments thereto),this section gives the consumer no right to cure and imposes nolimitation on the creditor's right to proceed against the consumer orthe collateral.

      History:   L. 1973, ch. 85, § 87; L. 1974, ch. 91, § 3;L. 2005, ch. 144, § 17; July 1.