Kan. Admin. Regs. § 28-15-52

Current through Register Vol. 43, No. 23, June 6, 2024

Section 28-15-52 - Interest rate

(a) Each loan shall accrue interest for the entire life of the loan at a fixed rate set by the secretary. This fixed rate shall be calculated as specified in subsection (b). Fees for servicing the loans may also be set by the secretary.

(b) The interest rate shall be calculated as a percentage, as specified in the intended use plan, of three months' average of the bond buyer's weekly 20-bond GO (general obligation) index. The loan interest rate as calculated shall include any loan servicing fee.

(c) The interest rate and loan servicing fee may vary depending on the loan repayment period.

Kan. Admin. Regs. § 28-15-52

Authorized by K.S.A. 65-163f; implementing K.S.A. 65-163f and K.S.A. 2019 Supp. 65-163i; effective Oct. 10, 1997; amended by Kansas Register Volume 39, No. 7; effective 2/28/2020.