Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-510.(UCCC) Prepayment; minimum charges;
judgments; rebate.
(1) Upon prepayment in full, but not upon a refinancing (K.S.A. 16a-2-504,
and amendments thereto), of a consumer
credit transaction
other than one pursuant to open end credit, the creditor may collect or
retain a minimum charge of $5 in a transaction which had an
amount financed of $75 or less, or $7.50 in a transaction which had an amount
financed of more
than $75, if the minimum charge was contracted for
and the finance charge earned at the time of prepayment is less than the
minimum charge contracted for. In those instances where the amounts
financed are under or over $75 and the finance
charge is less than the minimum provided therefor, then the finance charge
so contracted may be retained as the minimum finance charge.
(2) If the maturity is accelerated for any reason and judgment
is obtained,
the judgment shall be taken in accordance with the provisions of
K.S.A. 16-205, and amendments thereto.
(3) Upon prepayment in full of a consumer credit contract by proceeds of
consumer credit insurance, K.S.A. 16a-4-103, and amendments thereto, the
consumer or the consumer's estate is entitled to the same rebate as though the
consumer had prepaid the agreement on the date the proceeds of the insurance
are paid to the creditor, but no later than 10 business days after satisfactory
proof of loss is furnished to the creditor.
History: L. 1973, ch. 85, § 38; L. 1974, ch. 90, § 2; L. 1982,
ch. 93, § 4;
L. 1988, ch. 85, § 8; L. 1988, ch. 86, § 5;
L. 1993, ch. 200, § 12;
L. 1999, ch. 107, § 21; July 1.
Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-510.(UCCC) Prepayment; minimum charges;
judgments; rebate.
(1) Upon prepayment in full, but not upon a refinancing (K.S.A. 16a-2-504,
and amendments thereto), of a consumer
credit transaction
other than one pursuant to open end credit, the creditor may collect or
retain a minimum charge of $5 in a transaction which had an
amount financed of $75 or less, or $7.50 in a transaction which had an amount
financed of more
than $75, if the minimum charge was contracted for
and the finance charge earned at the time of prepayment is less than the
minimum charge contracted for. In those instances where the amounts
financed are under or over $75 and the finance
charge is less than the minimum provided therefor, then the finance charge
so contracted may be retained as the minimum finance charge.
(2) If the maturity is accelerated for any reason and judgment
is obtained,
the judgment shall be taken in accordance with the provisions of
K.S.A. 16-205, and amendments thereto.
(3) Upon prepayment in full of a consumer credit contract by proceeds of
consumer credit insurance, K.S.A. 16a-4-103, and amendments thereto, the
consumer or the consumer's estate is entitled to the same rebate as though the
consumer had prepaid the agreement on the date the proceeds of the insurance
are paid to the creditor, but no later than 10 business days after satisfactory
proof of loss is furnished to the creditor.
History: L. 1973, ch. 85, § 38; L. 1974, ch. 90, § 2; L. 1982,
ch. 93, § 4;
L. 1988, ch. 85, § 8; L. 1988, ch. 86, § 5;
L. 1993, ch. 200, § 12;
L. 1999, ch. 107, § 21; July 1.
Part 5 CONSUMER CREDIT TRANSACTIONS; OTHER CHARGES AND MODIFICATIONS
Article 2.--FINANCE CHARGES AND RELATED PROVISIONS
16a-2-510.(UCCC) Prepayment; minimum charges;
judgments; rebate.
(1) Upon prepayment in full, but not upon a refinancing (K.S.A. 16a-2-504,
and amendments thereto), of a consumer
credit transaction
other than one pursuant to open end credit, the creditor may collect or
retain a minimum charge of $5 in a transaction which had an
amount financed of $75 or less, or $7.50 in a transaction which had an amount
financed of more
than $75, if the minimum charge was contracted for
and the finance charge earned at the time of prepayment is less than the
minimum charge contracted for. In those instances where the amounts
financed are under or over $75 and the finance
charge is less than the minimum provided therefor, then the finance charge
so contracted may be retained as the minimum finance charge.
(2) If the maturity is accelerated for any reason and judgment
is obtained,
the judgment shall be taken in accordance with the provisions of
K.S.A. 16-205, and amendments thereto.
(3) Upon prepayment in full of a consumer credit contract by proceeds of
consumer credit insurance, K.S.A. 16a-4-103, and amendments thereto, the
consumer or the consumer's estate is entitled to the same rebate as though the
consumer had prepaid the agreement on the date the proceeds of the insurance
are paid to the creditor, but no later than 10 business days after satisfactory
proof of loss is furnished to the creditor.
History: L. 1973, ch. 85, § 38; L. 1974, ch. 90, § 2; L. 1982,
ch. 93, § 4;
L. 1988, ch. 85, § 8; L. 1988, ch. 86, § 5;
L. 1993, ch. 200, § 12;
L. 1999, ch. 107, § 21; July 1.
