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STATE OF KANSAS
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Is a license required? |
Yes. 50-1118 states that “No person shall engage in, or hold such person out as willing to engage in any credit services organization business with a resident of this state without first obtaining registration from the commissioner.” |
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State
specific loan modification law? |
Kansas Statute 50-1116 through 1135(Attached as Schedule A) regulations debt adjusting, which includes loan modifications. |
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Advantages
of becoming a licensed Mortgage Broker? |
None. |
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Penalties
for operating in the state without a license: |
50-1131 states that “Any person violating the provisions of this act or any rule and regulation promulgated thereunder upon conviction shall be guilty of a class B nonperson misdemeanor.” |
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Is an
advanced fee permitted? |
Yes, however 50-1126 drastically limits the total amount of fees. |
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Is a
written agreement required? |
Yes, 50-1120-2-C prohibits loan modification unless “The registrant and the consumer have entered into a written debt management services agreement and a copy of the signed agreement has been provided to the consumer by the registrant. Such agreement shall be in at least 12 point type, signed and dated by the consumer and registrant and include” |
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Other
noteworthy information? |
None. |
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Kansas
Statutes |
Kansas Statute 50-1116 through 1135 Ctrl + Click Here License application: Ctrl + Click Here |