(a) An agreement of the parties to a covered transaction with respect to default on the part of the consumer shall be enforceable only to the extent that the:
- (1) Consumer fails to make a payment as required by agreement; or
- (2) (A) prospect of payment, performance or realization of collateral is significantly impaired.
- (B) For purposes of this paragraph, the burden of establishing the prospect of significant impairment shall be on the mortgage company.
- (b) The provisions of this section shall be a part of and supplemental to the Kansas mortgage business act.
L. 2024, ch. 6, § 13; January 1, 2025.