17-2252.Certificate required for guarantee corporation to guarantee
credit union shares; issuance, when; fee.
(a) No guarantee corporation shall engage in the business of writing
contracts under this act without having first obtained a certificate
from the administrator.
(b) Certificates shall be issued for one year and shall expire on May 31
of each year, and may be renewed by the administrator upon payment of the
renewal fee unless there is, after a hearing or an opportunity for a
hearing has been given in accordance with the provisions of the Kansas
administrative procedure act, sufficient showing of cause that such
certificate should not be renewed. Every certificate holder shall on or
before the last day of May pay to the administrator the sum of $100 as a
certificate renewal fee for the succeeding year. Failure to pay such fee
shall automatically revoke such certificate but shall not operate to
restrict or cancel any contracts made prior to such cancellation.
(c) The administrator shall issue a certificate to a guarantee
corporation after:
(1) It files with the administrator: (i) a formal application for the
certificate in such form as the administrator requires, executed by its
president or other principal officer; (ii) a certified copy of its
charter or articles of incorporation and its bylaws; (iii) a verified
statement showing all assets, liabilities and surplus, which statement
shall be subscribed and sworn to by the president or other principal
officer; (iv) the location of the guarantee corporation's office and the
name of its legal agent; (v) a copy of the contract to be used; and (vi)
any other relevant document that is requested by the administrator;
(2) It pays a certificate fee of $100 to the administrator;
(3) It complies with the deposit requirements set forth herein;
(4) It maintains funds to guarantee the shares of credit union
members in an amount at least equal to or approximately equal to (on a
percentage basis) those provided by similar guarantee corporations then
in existence in this state or by any federal agency serving similar
purposes;
(5) It shall agree and pledge to deposit with the administrator 10%
of its assets or $50,000, whichever is less; and
(6) The administrator is satisfied that the owners, board of directors,
officers and employees of such guarantee corporation are of good reputation.
History: L. 1975, ch. 136, § 11; L. 1981, ch. 103, § 3;
L. 1988, ch. 356, § 52; July 1, 1989.
17-2252.Certificate required for guarantee corporation to guarantee
credit union shares; issuance, when; fee.
(a) No guarantee corporation shall engage in the business of writing
contracts under this act without having first obtained a certificate
from the administrator.
(b) Certificates shall be issued for one year and shall expire on May 31
of each year, and may be renewed by the administrator upon payment of the
renewal fee unless there is, after a hearing or an opportunity for a
hearing has been given in accordance with the provisions of the Kansas
administrative procedure act, sufficient showing of cause that such
certificate should not be renewed. Every certificate holder shall on or
before the last day of May pay to the administrator the sum of $100 as a
certificate renewal fee for the succeeding year. Failure to pay such fee
shall automatically revoke such certificate but shall not operate to
restrict or cancel any contracts made prior to such cancellation.
(c) The administrator shall issue a certificate to a guarantee
corporation after:
(1) It files with the administrator: (i) a formal application for the
certificate in such form as the administrator requires, executed by its
president or other principal officer; (ii) a certified copy of its
charter or articles of incorporation and its bylaws; (iii) a verified
statement showing all assets, liabilities and surplus, which statement
shall be subscribed and sworn to by the president or other principal
officer; (iv) the location of the guarantee corporation's office and the
name of its legal agent; (v) a copy of the contract to be used; and (vi)
any other relevant document that is requested by the administrator;
(2) It pays a certificate fee of $100 to the administrator;
(3) It complies with the deposit requirements set forth herein;
(4) It maintains funds to guarantee the shares of credit union
members in an amount at least equal to or approximately equal to (on a
percentage basis) those provided by similar guarantee corporations then
in existence in this state or by any federal agency serving similar
purposes;
(5) It shall agree and pledge to deposit with the administrator 10%
of its assets or $50,000, whichever is less; and
(6) The administrator is satisfied that the owners, board of directors,
officers and employees of such guarantee corporation are of good reputation.
History: L. 1975, ch. 136, § 11; L. 1981, ch. 103, § 3;
L. 1988, ch. 356, § 52; July 1, 1989.
17-2252.Certificate required for guarantee corporation to guarantee
credit union shares; issuance, when; fee.
(a) No guarantee corporation shall engage in the business of writing
contracts under this act without having first obtained a certificate
from the administrator.
(b) Certificates shall be issued for one year and shall expire on May 31
of each year, and may be renewed by the administrator upon payment of the
renewal fee unless there is, after a hearing or an opportunity for a
hearing has been given in accordance with the provisions of the Kansas
administrative procedure act, sufficient showing of cause that such
certificate should not be renewed. Every certificate holder shall on or
before the last day of May pay to the administrator the sum of $100 as a
certificate renewal fee for the succeeding year. Failure to pay such fee
shall automatically revoke such certificate but shall not operate to
restrict or cancel any contracts made prior to such cancellation.
(c) The administrator shall issue a certificate to a guarantee
corporation after:
(1) It files with the administrator: (i) a formal application for the
certificate in such form as the administrator requires, executed by its
president or other principal officer; (ii) a certified copy of its
charter or articles of incorporation and its bylaws; (iii) a verified
statement showing all assets, liabilities and surplus, which statement
shall be subscribed and sworn to by the president or other principal
officer; (iv) the location of the guarantee corporation's office and the
name of its legal agent; (v) a copy of the contract to be used; and (vi)
any other relevant document that is requested by the administrator;
(2) It pays a certificate fee of $100 to the administrator;
(3) It complies with the deposit requirements set forth herein;
(4) It maintains funds to guarantee the shares of credit union
members in an amount at least equal to or approximately equal to (on a
percentage basis) those provided by similar guarantee corporations then
in existence in this state or by any federal agency serving similar
purposes;
(5) It shall agree and pledge to deposit with the administrator 10%
of its assets or $50,000, whichever is less; and
(6) The administrator is satisfied that the owners, board of directors,
officers and employees of such guarantee corporation are of good reputation.
History: L. 1975, ch. 136, § 11; L. 1981, ch. 103, § 3;
L. 1988, ch. 356, § 52; July 1, 1989.
