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Can you summarize Agency 103 KSAR?
Kansas Administrative Regulations > State Bank Commissioner and Savings and Loan Commissionerjoint regulations
Short Summary
The provided legal document content governs the determination of the market value of negotiable promissory notes secured by first lien mortgages on real estate. These notes are pledged and assigned by banks or savings and loan associations as security for deposits of municipal or quasi-municipal corporations. The regulations outline a specific process for determining the market value, which involves calculating the average interest rate for all such notes pledged by the institution, obtaining the current GNMA bid rate for comparable obligations, and multiplying the total of real estate loans pledged by the GNMA bid quotation to ascertain the current value of the pledged real estate loans. These regulations are authorized by and implement K.S.A. 9-1402 and were effective on July 1, 1982, with an amendment effective on May 1, 1983.
Whom does it apply to?
Banks and savings and loan associations that pledge and assign negotiable promissory notes secured by first lien mortgages on real estate as security for deposits of municipal or quasi-municipal corporations.
What does it govern?
The determination of the market value of negotiable promissory notes secured by first lien mortgages on real estate, which are pledged and assigned by banks or savings and loan associations as security for deposits of municipal or quasi-municipal corporations.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas