17-5825.   Same; notice of noninsurance required; extension of timefor compliance; form of notice.From and after January 1, 1976, every savings and loan associationorganized and operating under the laws of the state of Kansas, havingaccounts or deposits which are not insured shall include notice that itsaccounts or deposits are not insured in every advertisement,announcement or solicitation for savings accounts or deposits,advertisements of the rate of interest paid upon its savings accounts ordeposits, and all certificates of deposit, pass books and signaturecards. The savings and loan commissioner may grant a reasonableextension of time to a savings and loan association for compliance withthe requirements of this section when, in the opinion of saidcommissioner, such association is making every reasonable effort toobtain any insurance authorized by this act upon its shares or deposits.For the purposes of this section, the term "insured" shall mean insuredin the manner provided for in K.S.A. 17-5824. Such noticeshall be given in the following manner:

      (a)   In every printed presentation, a clear and conspicuous statementof such fact shall be prominently displayed in a manner prescribed byrules and regulations of the savings and loan commissioner.

      (b)   In every video or audio presentation, a clear explanation ofsuch fact shall be given in a manner prescribed by rules and regulationsof the savings and loan commissioner.

      (c)   At the time it accepts any new account or deposit, suchassociation shall provide the person opening such account or depositwith a separate written statement that such account or deposit is notinsured.

      History:   L. 1975, ch. 142, § 2; July 1.