Last Update 12/05/05
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5/11/99 - Sorry, no summary at this time. Please review the state website below for more information.
KS - This links directly to Kansas State's Website. The Kansas Banking Commission supervises Payday loans. There is a Chapter that covers Payday Loans, but I have not yet found out what Chapter and Subchapter it is. Please note that this site allows you to search for legislation, but there is a $0.25 (???) charge for looking at legislation.
Here is the text of the Kansas statute applicable to Payday advance.
16a-2-404
Chapter 16a.--CONSUMER CREDIT CODE
PART I.--SHORT TITLE,CONSTRUCTION, GENERAL PROVISIONS
Part 4
Consumer Loans; MaximumFinance Charges
Article 2.--FINANCE CHARGES ANDRELATED PROVISIONS
16a-2-404. Payday loans; finance charges. (1) On consumer loan
transactions in which cash is advanced:
(a) With a short term,
(b) a single payment repayment is anticipated, and
(c) such cash advance is equal to or less than $860, a licensed or
supervised lender may charge in lieu of the loan finance charges
specified in K.S.A. 16a-2-401, and amendments thereto, the following
amounts:
(i) On any amount up to and including $50, a charge of $5.50 may be
added;
(ii) on amounts in excess of $50, but not more than $100, a charge may be
added equal to 10% of the loan proceeds plus a $5 administrative fee;
(iii) on amounts in excess of $100, but not more than $250 a charge may
be added equal to 7% of the loan proceeds with a minimum of $10 plus a $5
administrative fee;
(iv) for amounts in excess of $250 and not greater than the maximum
defined in this section, a charge may be added equal to 6% of the loan
proceeds with a minimum of $17.50 plus a $5 administrative fee.
(2) The maximum term of any loan made under this section shall be 30
days.
(3) The contract rate of any loan made under this section shall not be
more than 3% per month of the loan proceeds after the maturity date. No
insurance charges or any other charges of any nature whatsoever shall be
permitted, except as stated in subsection (5), including any charges for
cashing the loan proceeds if they are given in check form.
(4) Any loan made under this section shall not be repaid by proceeds of
another loan made under this section by the same lender or related
interest. The proceeds from any loan made under this section shall not be
applied to any other loan from the same lender or related interest.
(5) On a consumer loan transaction in which cash is advanced in exchange
for a personal check, a return check charge may be charged if the check
is deemed insufficient as defined in paragraph (e) of subsection (1) of
K.S.A. 16a-2-501, and amendments thereto.
(6) In determining whether a consumer loan transaction made under the
provisions of this section is unconscionable conduct under K.S.A.
16a-5-108, and amendments thereto, consideration shall be given, among
other factors, to:
(a) The ability of the borrower to repay within the terms of the loan
made under this section; or
(b) the original request of the borrower for amount and term of the loan
are within the limitations under this section.
(7) This section shall be supplemental to and a part of the uniform
consumer credit code.
History: L. 1993, ch. 75, § 1; L. 1999, ch. 107, § 20; July 1.