Regulatory Alerts2024-01-01
Manufactured Housing Guidance Document 2024-01
The Kansas Office of the State Bank Commissioner issued this guidance to clarify that manufactured home loans are governed by the Kansas Mortgage Business Act and K.S.A. 16-207 following the removal of these transactions from the Kansas Uniform Consumer Credit Code. The document details specific regulatory requirements for subordinate lien, first lien, and chattel loans, including distinct interest rate caps, prepaid finance charge limits, and permissible fees based on loan-to-value ratios. Lenders are advised to independently review applicable statutes to ensure compliance, as the guidance does not cover every loan variation and remains subject to modification by the regulator.
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