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Kansas Statutes Chapter 16A. Consumer Credit Code § 16a-2-201. Finance charge for closed-end consumer credit sales

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) This section applies only to a closed-end consumer credit sale.

(2) A seller may charge a finance charge at any rate agreed to by the parties, subject, however, to the limitations on prepaid finance charges set forth in subsection (3).

(3) A seller may charge a prepaid finance charge:

(a) For any consumer credit sale, an amount not to exceed the lesser of 2% of the amount financed or $300.

(b) A prepaid finance charge permitted under this subsection is in addition to finance charges permitted under subsection (2). A prepaid finance charge permitted under this subsection is fully earned when paid and is nonrefundable, unless the parties agree otherwise in writing.

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Cite this article: FindLaw.com - Kansas Statutes Chapter 16A. Consumer Credit Code § 16a-2-201. Finance charge for closed-end consumer credit sales - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-16a-consumer-credit-code/ks-st-sect-16a-2-201/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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