Kan. Admin. Regs. § 38-8-1

Current through Register Vol. 43, No. 49, December 5, 2024

Section 38-8-1 - Conditions concerning manufactured home financing

(a) As used in this regulation:

(1) "Manufactured home" shall have the meaning ascribed thereto in 42 U.S.C. Sec. 5402(6).

(2) "Chattel paper" shall mean written evidence of both a monetary obligation and a security interest.

(b) Subject to subsection (c), any association may:

(1) make or buy any manufactured home loans;

(2) provide inventory financing for manufactured home dealers; and

(3) invest in manufactured home chattel paper.

(c) All financings relating to manufactured homes shall be subject to the following limitations.

(1) All financing shall involve secured obligations.

(2) Chattel paper securing inventory shall be a direct obligation of the dealer.

(3) Chattel paper shall provide for the lender's protection regarding insurance, taxes, other governmental levies, maintenance and repairs.

Kan. Admin. Regs. § 38-8-1

Authorized by and implementing K.S.A. 1983 Supp. 17-5501(u) and (w); effective May 1, 1979; amended May 1, 1985.