Kan. Admin. Regs. § 110-40-7

Current through Register Vol. 43, No. 52, December 26, 2024

Section 110-40-7 - Loan administration and servicing

(a) The lender shall perform, administer, and service the loan in accordance with customary and prudent commercial banking practices and in accordance with the terms of all agreements between lender and exporter related to the loan.

(b) The lender shall maintain, and upon request, make available to the department all documents relating to the loan.

(c) The lender shall obtain from exporter the loan security and shall take all necessary action to perfect the security interests.

(d) The lender shall preserve and protect the interest of the lender and the department in the loan and loan security in accordance with customary and prudent commercial banking practices.

(e) The lender shall immediately notify the exporter of any past due payments. If the exporter fails to cure the nonpayment within 30 days, the lender shall notify the director's office and confer regarding action to be taken in servicing and collecting the export loan and pursuing the export loan security.

Kan. Admin. Regs. § 110-40-7

Authorized by K.S.A. 1989 Supp. 74-5071; implementing K.S.A. 1989 Supp. 74-5071 and 74-5074; effective Oct. 8, 1990.