Kansas Statutes 58-4723. Penalties; proceedings conducted in accordance with KAPA
Attorney's Note
Under the Kansas Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| class C misdemeanor | up to 1 month | up to $500 |
Terms Used In Kansas Statutes 58-4723
- AMC: means an individual, firm, partnership, association, corporation, limited liability company or any other business entity acting as an external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets:
(1) That performs appraisal management services, regardless of the use of any of the following terms: Appraisal management company, mortgage technology provider, mortgage services provider, lender processing services provider, loan processor, real estate closing services provider, vendor management company or any other like term; and
(2) such entity oversees an appraiser panel of:
(A) More than 15 appraisers who are certified or licensed in Kansas; or
(B) a total of more than 25 appraisers who are certified or licensed in Kansas and in any other jurisdiction. See Kansas Statutes 58-4703
- Board: means the Kansas real estate appraisal board. See Kansas Statutes 58-4703
- Controlling person: means :
(1) An owner, officer, manager, or director of a corporation, partnership, firm, association, limited liability company, or other business entity seeking to offer appraisal management services in this state;
(2) an individual employed, appointed, or authorized by an AMC that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals; or
(3) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC. See Kansas Statutes 58-4703
- Fraud: Intentional deception resulting in injury to another.
(a) The board may censure an AMC, condition, limit, suspend or revoke the registration of an AMC, and in addition to or in lieu of any other administrative, civil or criminal remedy provided by law may impose a civil fine not to exceed $2,000 per violation for any of the following acts or omissions:
(1) Committing any violation of this act;
(2) violating any regulation adopted by the board to implement or administer the provisions of this act;
(3) procuring a registration or renewal of a registration for the AMC or committing any other act by fraud, misrepresentation, or deceit; or
(4) employing a controlling person or any individual who owns more than 10% of the AMC who has been convicted of a felony and who has not been sufficiently rehabilitated to merit the public trust.
(b) Administrative proceedings under this act shall be conducted in accordance with the Kansas administrative procedure act.
(c) A violation of this act, or of any rule or regulation adopted pursuant thereto, shall be a class C misdemeanor.