Terms Used In Kansas Statutes 50-1117
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the state bank commissioner or designee, who shall be the deputy commissioner of the consumer and mortgage lending division of the office of the state bank commissioner. See Kansas Statutes 50-1117
- Consumer: means an individual who is a resident of this state. See Kansas Statutes 50-1117
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, corporation, partnership, association, unincorporated organization or other form of entity, however organized, including a nonprofit entity. See Kansas Statutes 50-1117
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
Definitions as used in this act: (a) “Commissioner” means the state bank commissioner or designee, who shall be the deputy commissioner of the consumer and mortgage lending division of the office of the state bank commissioner.
(b) “Consumer” means an individual who is a resident of this state.
(c) “Credit services organization” means a person who engages in, or holds out to the public as willing to engage in, the business of debt management services for a fee, compensation or gain, or in the expectation of a fee, compensation or gain.
(d) “Debt management service” means:
(1) Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among such consumer’s creditors in full or partial payment of such consumer’s debts;
(2) improving or offering to improve a consumer’s credit record, history, rating or score; or
(3) negotiating or offering to negotiate to defer or reduce a consumer’s obligations with respect to credit extended by others.
(e) “Insolvent” means a person whose debts exceed their assets.
(f) “Law firm” means a lawyer or lawyers in a law partnership, professional corporation, sole proprietorship or other association authorized to practice law; or lawyers employed in a legal services organization or the legal department of a corporation or other organization.
(g) “Licensee” means a person who is licensed by the commissioner as a credit services organization.
(h) “Nationwide mortgage licensing system and registry” means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators and other financial service providers.
(i) “Person” means any individual, corporation, partnership, association, unincorporated organization or other form of entity, however organized, including a nonprofit entity.
(j) “Trust account” means an account established by the applicant or licensee in a federally insured financial institution used to hold funds paid by consumers to a credit services organization for designation indicating the funds in the account are:
(1) Not funds of the applicant or licensee or its owners, officers or employees; and
(2) unavailable to creditors of the applicant or licensee.