Download or read book Attorney General Opinion No. 1978-171 written by Curt Thomas Schneider and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage Registration Tax is collected upon the principal debt or obligation secured by a lien on real estate. Where the mortgage instrument states a total obligation, which in cludes not only the amount loaned but also a finance charge for interest, taxes, insurance, official fees, etc. all of which are payable in a specific number of consecutive monthly payments, there appearing no provision for rebate upon prepayment and the finance charge becomes part of the lien, then the tax is due on the whole sum of payments. A distinction must be made for transactions under the Kansas Uniform Consumer Credit Code, where by law the lender must set out in detail in the debt instrument exactly what charges are made and how the defiling, no obligation borrower has positive notice that the debt may be prepaid at any time without penalty, and receive a rebate of all unearned finance charge. In such case, the finance charge must not be taxed, because, at the time of filing, no obligation existed to pay a definite sum for finance charge.