K.S.A. 9-2224: Restrictions on interest in land as security; violation.

(a) A mortgage company shall not make a covered transaction with an interest in land as security with an amount financed of $5,000 or less in which the annual percentage rate of the loan exceeds the code mortgage rate. A security interest taken in violation of this section shall be void.

(b) This section shall be a part of and supplemental to the Kansas mortgage business act.