Download or read book Attorney General Opinion No. 1983-132 written by Robert T. Stephan and published by . This book was released on 1983 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: K.S.A. 16a-2-509, contained in the Kansas Consumer Credit Code, provides that a consumer may prepay in full the unpaid balance of a consumer credit transaction at any time without penalty. Such transactions include both consumer credit sales [K.S.A. 1982 Supp. 16a-301(10)] and consumer credit loans [K.S.A. 1982 Supp. 12a-301(13)], with the prohibition binding on any assignee of either the seller's or lender's right to payment. While a regulation of the Comptroller of the Currency [12 C.F.R. section 29.6, as amended in 48 Fed. Reg. 9512, 9513] preempts the application of K.S.A. 16a-2-509 to national banks making adjustable-rate mortgage loans, a seller which enters into consumer credit sales cannot avail itself of the pre-emption provisions merely because it subsequently assigns the right to payment to a national bank. Cited herein: K.S.A. 1983 Supp. 16a-1-301, K.S.A. 16a-2-509, 16a-3-402, 12 U.S.C. sections 371, 3803, 12 C.F.R. sections 29.1, 2916, as amended in 48 Fed. Reg. 9512-13, U.S. Const., Art. 6, cl. 2.