Payday loan laws in Kansas
Status: Legal (Kan. Stat. Ann. § 16a-2-404)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: 7-30 days
- Fees and finance charges: 15% + administrative fees
- Finance charge on a 14-day $100 loan: $15
- APR on 14-day $100 loan: 390%
Collection restrictions:
- Collection fees: One NSF fee
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Two
- Rollovers allowed: Not specified
Complaint cell:
- Regulator: Office of the State Bank Commissioner
- Address: Suite 300, Jayhawk Tower, 700 SW Jackson Street; Topeka, KS 66603-3796
- Phone: (785) 296-2266
- Fax: (785) 296-0168
- Regulatory contact: Kevin C. Glendening,, Deputy Commissioner, Division of Consumer and Mortgage Lending
- Website: http://www.osbckansas.org/
- File Complaint: http://www.osbckansas.org/consumers/complaints.html
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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