Regulatory Alerts2001-01-01
Request for Extension of Time to Hold Property
Staff Attorney Gwen N. Hill issued this directive to all Kansas State Chartered Banks regarding the requirements for extending the statutory holding period for debt-collected property beyond twelve months. The memo outlines specific documentation banks must submit to the commissioner, including detailed asset descriptions, valuation methods, and justifications for why a commercially reasonable sale cannot be completed within the standard timeframe. This guidance emphasizes that such extensions should be rare following a legislative change that increased the holding period for personal property from six to twelve months.
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