Are there consumer protections in place regarding high-interest loans?
Yes, there are consumer protections in place regarding high-interest loans in Kansas. The Uniform Consumer Credit Code (K.S.A. 16a-3-101 et seq) regulates high-interest loans in the state. This code requires lenders to disclose information to borrowers including the amount of the loan, the annual percentage rate, the loan amount, the default rate, and any fees associated with the loan. Lenders are also prohibited from charging more than 15% interest on loan amounts of under $2,000 and more than 12% interest on loan amounts of greater than $2,000. The code also provides protection against abusive practices by lenders such as charging excessive fees for loan rollovers, charging excessive late fees, and charging exorbitant rates of interest. Furthermore, lenders must provide borrowers with a written agreement outlining the terms of the loan and must inform borrowers of their right to cancel the loan within three business days of signing. In addition, the code also requires lenders to provide borrowers with certain rights and protections, including the right to rescind a loan, the right to notice of any change in the loan amount or terms, the right to notice of any payment that is made or withheld, and the right to dispute any unauthorized charges. This code also prohibits lenders from taking a borrower to court for nonpayment or for defaulting on a loan. Overall, consumer protections are in place regarding high-interest loans in Kansas. These protections are in place to ensure that borrowers are getting fair treatment from lenders and to protect them from any potential harm or exploitation.
Related FAQs
How do I know if I’m protected by consumer laws?What consumer rights do I have when it comes to businesses that sell products over the internet?
What consumer rights do I have when it comes to credit cards?
Are there consumer protections in place regarding the sale of used electronics?
What does the Fair Credit Reporting Act protect?
What consumer protections do I have when purchasing goods online?
What are the consumer rights under the law?
What consumer rights do I have when it comes to insurance contracts?
Are there consumer protections in place regarding high-interest loans?
What consumer rights do I have when it comes to online subscription services?
Related Blog Posts
Understanding Your Rights as a Consumer Under Consumer Law - July 31, 2023What are the Laws in Place to Protect Consumers? - August 7, 2023
The Benefits of Having a Comprehensive Understanding of Consumer Law - August 14, 2023
An Overview of Consumer Protection Laws - August 21, 2023
The Dangers of Misunderstanding Consumer Law - August 28, 2023