Kan. Admin. Regs. § 38-9-1

Current through Register Vol. 43, No. 39, September 26, 2024

Section 38-9-1 - Conditions concerning safety deposit box rental

An association may maintain safety deposit boxes and rent the same for public use subject to limitations set forth in K.S.A. 1978 Supp. 17-5501(x), and the following prohibitions, limitations, and conditions:

(a) An association shall, by contract, limit its liability to the lessee or lessees of such safety deposit box or boxes to the replacement or loss value of the contents of each box to an amount not more than one thousand dollars ($1,000), or carry insurance of a type protecting the association against any and all legal liabilities arising out of the rental of the safety deposit boxes as set forth in said paragraph (2).

(b) Such insurance shall provide coverage equal to twenty-five thousand dollars ($25,000) for any number of boxes up to one hundred (100), plus one thousand dollars ($1,000) for each additional twenty (20) boxes or fraction thereof, available for rent up to a maximum coverage of one hundred thousand dollars ($100,000).

(c) An association shall not contractually incur liabilities beyond the general liabilities incident to the conduct of such safety deposit business.

Kan. Admin. Regs. § 38-9-1

Authorized by K.S.A. 1978 Supp. 17-5501(x); effective May 1, 1979.