Skip to main content
Find a Lawyer

Kansas Statutes Chapter 9. Banks and Banking; Trust Companies § 9-2232. Appraisals required; notice to consumer of high loan-to-value mortgage; refund of certain fees after consumer withdrawals from covered transaction

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

(a) The provisions of this section shall not apply to a mortgage company that is exempt pursuant to K.S.A. 9-2202(a), and amendments thereto.

(b) Before making a covered transaction, a mortgage company shall obtain the appraised value of the real estate to be encumbered. If, based upon the appraisal, the loan-to-value ratio of the covered transaction exceeds 100%, then the mortgage company shall deliver to the consumer not less than three days before the loan is made a:

(1) Free copy of the appraisal; and

(2) written notice regarding high loan-to-value mortgages and the availability of consumer credit counseling.

(c) If within three days after receiving the notice, the consumer elects not to enter into the covered transaction, then the mortgage company shall promptly refund to the consumer any application fees or other amounts paid by the consumer to such mortgage company except for the following:

(1) Bona fide out-of-pocket costs incurred before the consumer elected not to enter into the covered transaction, provided that such costs were paid or are payable to unrelated persons; and

(2) a bona fide appraisal fee paid or payable to the mortgage company or a related person.

(d) This section shall be a part of and supplemental to the Kansas mortgage business act.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Kansas Statutes Chapter 9. Banks and Banking; Trust Companies § 9-2232. Appraisals required; notice to consumer of high loan-to-value mortgage; refund of certain fees after consumer withdrawals from covered transaction - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-9-banks-and-banking-trust-companies/ks-st-sect-9-2232/

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.

Was this helpful?

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.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard