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Can you summarize 17 KSAR Article 11?
Office of the State Bank Commissioner > Documentation Requirements
Short Summary
The provided legal document content covers various documentation requirements for banks and trust companies. It includes requirements for maintaining a central listing of personal property taken in payment of a debt, insurance coverage for tangible property, appraisals and evaluations of real estate, assets charged off the books, loans issued by banks, records and documentation for real estate owned, bonds, and loans. The documents specify the information that must be included in the central listings, such as property description, acquisition date, original debtor’s name, indebtedness amount, and acquisition cost. They also outline the insurance coverage requirements for tangible property. The regulations further detail the requirements for obtaining appraisals or evaluations for real estate mortgaged to secure principal debt, with exemptions for certain transactions. The documents also mandate the maintenance of central listings for charged-off assets, including debtor information, charge-off date, asset description, amount charged off, and recoveries. For loans issued by banks, the documents require the maintenance of complete and current credit information for borrowers, with exemptions for adequately secured loans. The regulations also specify the documentation requirements for real estate mortgage loans based on their amounts and collateralization. Additionally, the documents outline the records and documentation requirements for real estate owned by banks and trust companies, including insurance coverage, legal property descriptions, alteration costs, and proof of tax payment. They also require the maintenance of records for bank-owned real estate obtained through foreclosure or debt settlement, including debtor information, indebtedness, acquisition cost, and fair market value supported by appraisals. The documents further specify the requirements for maintaining central listings for bonds, including par value, cost, interest rate, purchase date, maturity date, and issuer’s name. They also mandate the retention of credit information, sales and purchase invoices, and descriptive material for each bond. Lastly, the documents require the maintenance of central listings for loans, including borrower indebtedness, note number, loan origination date, loan amount, and maturity date. The regulations also outline the requirements for directors’ meetings, stockholders’ meetings, and the sale of tangible personal property by banks or trust companies to certain individuals or entities. Specific exemptions or penalties for non-compliance or violation of the documents provisions are not mentioned.
Whom does it apply to?
Banks and trust companies
What does it govern?
Documentation requirements for various aspects of banking operations, including personal property taken in payment of a debt, insurance coverage for tangible property, appraisals and evaluations of real estate, assets charged off the books, loans issued by banks, records and documentation for real estate owned, bonds, and loans
What are exemptions?
Specific exemptions or circumstances where the documents do not apply are not mentioned.
What are the Penalties?
Specific penalties for non-compliance or violation of the documents provisions are not mentioned.
Jurisdiction
Kansas