Regulatory Alerts2026-08-25
Added
Kansas Statutes Chapter 16: Contracts and Promises
K.S.A. 16-118 requires credit agreements between financial institutions and debtors to be in writing and signed, mandating a conspicuous notice that the written document is the final expression of the agreement and precluding defenses based on oral agreements or equitable theories if these requirements are not met. K.S.A. 16-201 establishes a 10% annual legal interest rate for unpaid debts and sets prejudgment interest in civil tort actions at two percentage points below the rate specified in K.S.A. 16-204(e)(1). K.S.A. 16-205 mandates that contract interest rates continue until full payment, voiding any provisions that impose higher rates as penalties for default, and specifies detailed calculation methods for judgments on interest-bearing and precomputed contracts. K.S.A. 16-207 permits interest rates up to 15% per annum for certain instruments, prohibits prepayment penalties on home loans secured by real estate more than six months after execution, and forfeits interest exceeding the authorized limit along with attorney fees for violations.
More like this from OSBC
OSBC published 10 documents in the last 30 days. We email you each new one the day it's published.