Kansas Statutes 9-2208. License; display; signed acknowledgment; contents; advertising or solicitation disclosure
Terms Used In Kansas Statutes 9-2208
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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
- Promotional items: means pens, pencils, hats and other such novelty items. 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
- Unique identifier: means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry. See Kansas Statutes 9-2201
(a) Each licensee shall make available evidence of licensure in a way that reasonably assures recognition by consumers and members of the general public.
(b) Prior to entering into any contract for the provision of services or prior to the licensee receiving any compensation or promise of compensation for a mortgage loan the licensee shall acquire from the consumer a signed acknowledgment containing such information as the commissioner may prescribe by rule and regulation. The signed acknowledgment shall be retained by the licensee and a copy shall be provided to the consumer.
(c) All solicitations and published advertisements concerning mortgage business directed at Kansas residents, including those on the internet or by other electronic means, shall contain the name and license number or unique identifier of the licensee on record with the commissioner. Each licensee shall maintain a record of all solicitations or advertisements for a period of 36 months. For the purpose of this subsection, “advertising” does not include business cards or promotional items.
(d) No solicitation or advertisement shall contain false, misleading or deceptive information, or indicate or imply that the interest rates or charges stated are “recommended,” “approved,” “set” or “established” by the state of Kansas.
(e) No licensee or registrant shall conduct mortgage business in this state using any name other than the name or names stated on their license or registration.