58-2337. Transfer of home loan servicing agent; definitions. - Kansas Statutes

58-2337

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 23.--MORTGAGES OF REAL PROPERTY

      58-2337.   Transfer of home loan servicing agent; definitions.As used in this act:

      (a)   "Lender" means all state and national banks, trust companies, stateand federally chartered savings and loan associations, federally charteredsavings banks or state and federally chartered credit unions or any personmaking a home loan;

      (b)   "selling lender" means a lender who sells, assigns or transfers theservicing of a loan to a purchasing lender or a servicing agent;

      (c)   "purchasing lender" means a lender or servicing agent who buys theservicing of a loan from a selling lender;

      (d)   "home" means a dwelling or dwellings for not more than fourfamilies. A property does not cease to be a home because of the incidentaluse of it for minor business purposes so long as the principal use of theproperty is for residence purposes;

      (e)   "home loan" means a real estate loan when the security is home property;

      (f)   "home property" means real estate on which there is located, or willbe located pursuant to a home loan, a home or a combination home;

      (g)   "real estate loan" means a loan on the security of real estateevidenced by any form of instrument whereby a lien is created upon suchreal estate for the benefit of another person as security for the paymentof an obligation to such person or whereby title to real estate is conveyedto another person as trustee for a third person, as security for thepayment of an obligation to such third person;

      (h)   "person" means an individual, corporation, business trust,partnership or association or any other legal entity;

      (i)   "escrow account" means escrow, agency or similar account for thepayment of taxes or insurance premiums with respect to a home loan.

      History:   L. 1988, ch. 57, § 1; July 1.