Kansas Statutes 9-2204. Application for license for mortgage company; application for registration for loan originator; content; incomplete application
Terms Used In Kansas Statutes 9-2204
- Branch office: means a place of business, other than a principal place of business, where the mortgage company maintains a physical location for the purpose of conducting mortgage business with the public. See Kansas Statutes 9-2201
- 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 9-2201
- Individual: means a human being. See Kansas Statutes 9-2201
- License: means a license issued by the commissioner to engage in mortgage business as a mortgage company. See Kansas Statutes 9-2201
- Licensee: means a person who is licensed by the commissioner as a mortgage company. See Kansas Statutes 9-2201
- Loan originator: means an individual:
(1) Who engages in mortgage business on behalf of a single mortgage company;
(2) whose conduct of mortgage business is the responsibility of the licensee;
(3) who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or gain or in the expectation of compensation or gain; and
(4) whose job responsibilities include contact with borrowers during the loan origination process, which can include soliciting, negotiating, acquiring, arranging or making mortgage loans for others, obtaining personal or financial information, assisting with the preparation of mortgage loan applications or other documents, quoting loan rates or terms or providing required disclosures. See Kansas Statutes 9-2201
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage business: means engaging in, or holding out to the public as willing to engage in, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, the business of making, originating, servicing, soliciting, placing, negotiating, acquiring, selling, arranging for others, or holding the rights to or offering to solicit, place, negotiate, acquire, sell or arrange for others, mortgage loans in the primary market. See Kansas Statutes 9-2201
- Mortgage company: means a person engaged in mortgage business. See Kansas Statutes 9-2201
- Person: means any individual, sole proprietorship, corporation, partnership, trust, association, joint venture, pool syndicate, unincorporated organization or other form of entity, however organized. See Kansas Statutes 9-2201
- Principal place of business: means a place of business where mortgage business is conducted, which has been designated by a licensee as the primary headquarters from which all mortgage business and administrative activities are managed and directed. See Kansas Statutes 9-2201
- Registrant: means any individual who holds a valid registration to conduct mortgage business in this state as a loan originator. See Kansas Statutes 9-2201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) Any person required to be licensed as a mortgage company pursuant to this act shall submit to the commissioner an application for the mortgage company on forms prescribed and provided by the commissioner. The application shall contain information the commissioner deems necessary to adequately identify:
(1) The nature of the mortgage business to be conducted, principal place of business address and each branch office address;
(2) the identity, character and qualifications of an individual applicant;
(3) the identity, character and qualifications of the loan originators, owners, officers, directors, members, partners and employees of the applicant;
(4) the name under which the applicant intends to conduct business; and
(5) other information the commissioner requires to evaluate the financial responsibility and condition, character, qualifications and fitness of the applicant and compliance with the provisions of this act.
(b) Any individual required to register as a loan originator pursuant to this act shall submit to the commissioner an application for registration on forms prescribed and provided by the commissioner. The application shall contain information the commissioner deems necessary to adequately identify the location where the individual engages in mortgage business activities, the licensee for whom the registrant will conduct mortgage business and other information the commissioner requires to evaluate the condition, character, qualifications, and fitness of the applicant and compliance with the provisions of this act.
(c) Each application shall be accompanied by a nonrefundable fee of not less than $50, which may be increased by rules and regulations pursuant to Kan. Stat. Ann. § 9-2209, and amendments thereto.
(d) The commissioner shall consider an application for a license or registration abandoned if the applicant fails to complete the application within 60 days after the commissioner provides the applicant with written notice of the incomplete application. An applicant whose application is abandoned under this section may reapply to obtain a license or registration and shall pay the fee set forth in subsection (c) upon such application.
(e) An application shall be approved, and a nonassignable license or registration shall be issued to the applicant if:
(1) The commissioner has received the complete application and fee required by this section;
(2) the commissioner determines the proposed name under which an applicant for a mortgage company license intends to conduct business is not misleading or otherwise deceptive; and
(3) the commissioner determines the financial responsibility and condition, character, qualifications and fitness of the applicant warrants a belief that the business of the applicant will be conducted competently, honestly, fairly and in accordance with all applicable state and federal laws.