Regulatory Alerts2025-01-01
Added · Updated
2025 Kansas Consumer and Mortgage Lending Law: Contracts and Promises
The Kansas Legislature enacted statutes within Chapter 16 to regulate credit agreements, defining key terms and mandating that material terms be in writing to enforce legal relief. The law establishes a default interest rate of 10% per annum and sets specific rules for interest on judgments, including a floating rate tied to the Federal Reserve discount rate. Additionally, it caps contract interest at 15% for most loans while prohibiting prepayment penalties on home loans after six months and overriding certain federal preemptions.