(a) The state treasurer is hereby authorized to disseminate information and provide
remediation linked deposit loan packages to lending institutions eligible for participation
in the remediation linked deposit loan program.
(b) The remediation linked deposit loan package shall be completed by the eligible
person applying for the loan before the package is forwarded to the lending institution
(c)(1) An eligible lending institution that agrees to receive a remediation linked
deposit shall accept and review applications for remediation linked deposit loans
from eligible persons. The lending institution shall apply all usual lending standards to determine the credit
worthiness of eligible persons applying for remediation linked deposit loans. The total amount of linked deposit loans for any one site shall not exceed $300,000.
The total amount of linked deposits pursuant to K.S.A. 2-3701 through 2-3714, and amendments thereto, shall not exceed $5,000,000 at any one time.
(2) Only one remediation linked deposit loan shall be made and be outstanding at any
one time to any eligible person.
(3) No remediation linked deposit loan shall be amortized for a period of more than
(d) An eligible person applying for a remediation linked deposit loan shall certify
on the loan application that the loan will be used exclusively for the purpose of
paying costs of corrective action approved by the department of health and environment
or taken in accordance with requests or orders issued by the department of health
(e) The eligible lending institution may approve or reject a remediation linked deposit
loan package based on the lending institution's evaluation of the applicant included
in the package, the amount of the individual loan in the package and other appropriate
(f) The eligible lending institution shall forward to the state treasurer an approved
remediation linked deposit loan package, in the form and manner prescribed and approved
by the state treasurer. The package shall include information regarding the amount of the loan requested by
the applicant and such other information as the state treasurer requires, including
a certification by the applicant that the applicant is an eligible person.
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 or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.