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KANSAS STATUTES AND CODES
50-1014. Rescission of contract under Truth-in-Lending Act; notice to creditor; timely return of consideration required; computation of time period for avoidance of contract.
50-1014
50-1014. Rescission of contract under Truth-in-Lending Act; notice tocreditor; timely return of consideration required; computation of timeperiod for avoidance of contract.(a) If a transaction for which a loan broker has charged anyfee or collected any costs is rescinded by any person under the provisionsof the Truth-in-Lending Act (15 U.S.C. 1601-1667e) within 20 calendar daysafter a notice of the rescission has been delivered to the creditor, theloan broker shall return to the person any money or property that has beengiven to the loan broker, including property or money the loan brokerdelivered or directed to third parties.
(b) For purposes of calculating the time period during which a personmay avoid a contract under K.S.A. 50-640, and amendments thereto, acontract with a loan broker shall be considered to be a sale of servicesthat occurs on the date the person receives the disclosure documentrequired by subsection (d) of K.S.A. 50-1006.
History: L. 1988, ch. 328, § 14; July 1.