The updates to the Kansas Mortgage Business Act are effective July 1.
Among other things, the act requires, subject to certain exemptions, persons servicing student loans in the state to obtain a license from the commissioner.
Among other things, the bill permits employees of a licensee to engage in the mortgage lending process from an alternate location if certain conditions are met.
The new fee will cover the costs associated with the oversight of virtual currency businesses and “defray operating expenses.”
The bill’s provisions apply to sales-based financing contracts or agreements entered into on or after July 1.