50-1014. Rescission of contract under Truth-in-Lending Act; notice to creditor; timely return of consideration required; computation of time period for avoidance of contract. (a) If a transaction for which a loan broker has charged any fee or collected any costs is rescinded by any person under the provisions of the Truth-in-Lending Act (15 U.S.C. 1601-1667e) within 20 calendar days after a notice of the rescission has been delivered to the creditor, the loan broker shall return to the person any money or property that has been given to the loan broker, including property or money the loan broker delivered or directed to third parties.
(b) For purposes of calculating the time period during which a person may avoid a contract under K.S.A. 50-640, and amendments thereto, a contract with a loan broker shall be considered to be a sale of services that occurs on the date the person receives the disclosure document required by subsection (d) of K.S.A. 50-1006.
History: L. 1988, ch. 328, ยง 14; July 1.
Structure Kansas Statutes
Chapter 50 - Unfair Trade And Consumer Protection
50-1002 Registration required.
50-1004 Renewal of registration; fee.
50-1005 Fees and funds; accounting and deposit in general fund.
50-1007 Contracts required to be in writing; retention of copy by borrowing party.
50-1008 Denial, suspension or revocation of registration; orders and hearing.
50-1010 Certified copies of documents or records admissible in actions or proceedings under act.
50-1011 Violations; civil penalties, enforcement.
50-1012 Same; liability of loan broker to damaged parties; rights of prospective borrower.
50-1013 Violation of act or cease and desist order, penalties; prosecution.
50-1016 Persons exempt from registration and other duties under act; burden of proof thereof.