9-2201.Mortgage business; definitions.
As used in this act:
(a) "Bona fide office" means an
applicant's or licensee's principal place of business which meets
all of the following requirements:
(1) The office is located in this state;
(2) the office is not located in a personal residence;
(3) the office has regular hours of operation;
(4) the office is accessible to the public;
(5) the office is leased or owned by the licensee and serves as an
office for the transaction of
the licensee's mortgage business;
(6) the office is separate from any office of another
registrant; and
(7) all of the licensee's books, records and
documents are accessible through that office.
(b) "Branch office" means a place of business, other than a principal
place of business, where mortgage business is conducted, and which is licensed
as required by this act.
(c) "Commissioner" means the Kansas state bank
commissioner.
(d) "License" means a license issued by the commissioner to engage in
mortgage
business as a mortgage company.
(e) "Licensee" means a person who is licensed by the commissioner as a
mortgage company.
(f) "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 loan applications or other documents, quoting loan rates or
terms, or providing
required disclosures. It does not include any individual engaged solely as
a
loan processor or underwriter.
(g) "Loan processor or underwriter" means an individual who performs clerical
or support duties as an employee at the direction and subject to the
supervision and instruction of a person registered or exempt from registration
under this act.
(1) For purposes of this subsection, the term "clerical or support duties"
may include subsequent to the receipt of an application:
(A) The receipt, collection, distribution and analysis of information common
for the processing or underwriting of a residential mortgage loan; and
(B) communicating with a consumer to obtain the information necessary for the
processing or underwriting of a loan, to the extent that such communication
does not include offering or negotiating loan rates or terms or counseling
consumers about residential mortgage loan rates or terms.
(2) An individual engaging solely in loan processor or underwriter activities
shall not represent to the public, through advertising or other means of
communicating or providing information including the use of business cards,
stationery, brochures, signs, rate lists or other promotional items, that such
individual can or will perform any of the activities of a loan
originator.
(h) "Nationwide mortgage licensing system and registry" means a mortgage
licensing system developed and maintained by the conference of state bank
supervisors and the American association of residential mortgage regulators for
the licensing and registration of licensed mortgage loan originators.
(i) "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,
or arranging for others, or offering to solicit, place, negotiate, acquire,
sell or arrange for others, mortgage loans in the primary market.
(j) "Mortgage company" means a person engaged in mortgage
business from a
principal place of business or branch office, which has been licensed as
required by this act.
(k) "Mortgage loan" means a loan or agreement to extend
credit made to a natural person
which is secured
by a first or second mortgage, deed of trust, contract for deed or other
similar instrument or document representing a security interest or lien upon
any lot intended
for residential purposes or a one-to-four family dwelling as defined in
section 103(v) of the truth in lending act, 15 U.S.C. 1602(v), located in
this
state,
occupied
or intended to be occupied for residential purposes by the owner, including the
renewal or refinancing of any such loan.
(l) "Person" means any individual, sole proprietorship,
corporation,
partnership, trust, association, joint venture, pool syndicate, unincorporated
organization or other form of entity, however organized.
(m) "Primary market" means the market wherein mortgage
loans are
originated between a lender and a borrower, whether or not through a mortgage
broker or other means.
(n) "Principal place of business"
means a licensed 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.
(o) "Promotional items" means pens, pencils, hats and other
such novelty
items.
(p) "Registrant" means any individual who
holds a valid
registration to conduct mortgage business in this state
as a loan originator.
(q) "Unique identifier" means a number or other identifier assigned by
protocols established by the nationwide mortgage licensing system and
registry.
History: L. 1996, ch. 175, § 1;
L. 1999, ch. 45, § 1;
L. 2001, ch. 88, § 2;
L. 2001, ch. 166, § 1;
L. 2009, ch. 29, § 4; July 1.
9-2201.Mortgage business; definitions.
As used in this act:
(a) "Bona fide office" means an
applicant's or licensee's principal place of business which meets
all of the following requirements:
(1) The office is located in this state;
(2) the office is not located in a personal residence;
(3) the office has regular hours of operation;
(4) the office is accessible to the public;
(5) the office is leased or owned by the licensee and serves as an
office for the transaction of
the licensee's mortgage business;
(6) the office is separate from any office of another
registrant; and
(7) all of the licensee's books, records and
documents are accessible through that office.
(b) "Branch office" means a place of business, other than a principal
place of business, where mortgage business is conducted, and which is licensed
as required by this act.
(c) "Commissioner" means the Kansas state bank
commissioner.
(d) "License" means a license issued by the commissioner to engage in
mortgage
business as a mortgage company.
(e) "Licensee" means a person who is licensed by the commissioner as a
mortgage company.
(f) "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 loan applications or other documents, quoting loan rates or
terms, or providing
required disclosures. It does not include any individual engaged solely as
a
loan processor or underwriter.
(g) "Loan processor or underwriter" means an individual who performs clerical
or support duties as an employee at the direction and subject to the
supervision and instruction of a person registered or exempt from registration
under this act.
(1) For purposes of this subsection, the term "clerical or support duties"
may include subsequent to the receipt of an application:
(A) The receipt, collection, distribution and analysis of information common
for the processing or underwriting of a residential mortgage loan; and
(B) communicating with a consumer to obtain the information necessary for the
processing or underwriting of a loan, to the extent that such communication
does not include offering or negotiating loan rates or terms or counseling
consumers about residential mortgage loan rates or terms.
(2) An individual engaging solely in loan processor or underwriter activities
shall not represent to the public, through advertising or other means of
communicating or providing information including the use of business cards,
stationery, brochures, signs, rate lists or other promotional items, that such
individual can or will perform any of the activities of a loan
originator.
(h) "Nationwide mortgage licensing system and registry" means a mortgage
licensing system developed and maintained by the conference of state bank
supervisors and the American association of residential mortgage regulators for
the licensing and registration of licensed mortgage loan originators.
(i) "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,
or arranging for others, or offering to solicit, place, negotiate, acquire,
sell or arrange for others, mortgage loans in the primary market.
(j) "Mortgage company" means a person engaged in mortgage
business from a
principal place of business or branch office, which has been licensed as
required by this act.
(k) "Mortgage loan" means a loan or agreement to extend
credit made to a natural person
which is secured
by a first or second mortgage, deed of trust, contract for deed or other
similar instrument or document representing a security interest or lien upon
any lot intended
for residential purposes or a one-to-four family dwelling as defined in
section 103(v) of the truth in lending act, 15 U.S.C. 1602(v), located in
this
state,
occupied
or intended to be occupied for residential purposes by the owner, including the
renewal or refinancing of any such loan.
(l) "Person" means any individual, sole proprietorship,
corporation,
partnership, trust, association, joint venture, pool syndicate, unincorporated
organization or other form of entity, however organized.
(m) "Primary market" means the market wherein mortgage
loans are
originated between a lender and a borrower, whether or not through a mortgage
broker or other means.
(n) "Principal place of business"
means a licensed 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.
(o) "Promotional items" means pens, pencils, hats and other
such novelty
items.
(p) "Registrant" means any individual who
holds a valid
registration to conduct mortgage business in this state
as a loan originator.
(q) "Unique identifier" means a number or other identifier assigned by
protocols established by the nationwide mortgage licensing system and
registry.
History: L. 1996, ch. 175, § 1;
L. 1999, ch. 45, § 1;
L. 2001, ch. 88, § 2;
L. 2001, ch. 166, § 1;
L. 2009, ch. 29, § 4; July 1.
9-2201.Mortgage business; definitions.
As used in this act:
(a) "Bona fide office" means an
applicant's or licensee's principal place of business which meets
all of the following requirements:
(1) The office is located in this state;
(2) the office is not located in a personal residence;
(3) the office has regular hours of operation;
(4) the office is accessible to the public;
(5) the office is leased or owned by the licensee and serves as an
office for the transaction of
the licensee's mortgage business;
(6) the office is separate from any office of another
registrant; and
(7) all of the licensee's books, records and
documents are accessible through that office.
(b) "Branch office" means a place of business, other than a principal
place of business, where mortgage business is conducted, and which is licensed
as required by this act.
(c) "Commissioner" means the Kansas state bank
commissioner.
(d) "License" means a license issued by the commissioner to engage in
mortgage
business as a mortgage company.
(e) "Licensee" means a person who is licensed by the commissioner as a
mortgage company.
(f) "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 loan applications or other documents, quoting loan rates or
terms, or providing
required disclosures. It does not include any individual engaged solely as
a
loan processor or underwriter.
(g) "Loan processor or underwriter" means an individual who performs clerical
or support duties as an employee at the direction and subject to the
supervision and instruction of a person registered or exempt from registration
under this act.
(1) For purposes of this subsection, the term "clerical or support duties"
may include subsequent to the receipt of an application:
(A) The receipt, collection, distribution and analysis of information common
for the processing or underwriting of a residential mortgage loan; and
(B) communicating with a consumer to obtain the information necessary for the
processing or underwriting of a loan, to the extent that such communication
does not include offering or negotiating loan rates or terms or counseling
consumers about residential mortgage loan rates or terms.
(2) An individual engaging solely in loan processor or underwriter activities
shall not represent to the public, through advertising or other means of
communicating or providing information including the use of business cards,
stationery, brochures, signs, rate lists or other promotional items, that such
individual can or will perform any of the activities of a loan
originator.
(h) "Nationwide mortgage licensing system and registry" means a mortgage
licensing system developed and maintained by the conference of state bank
supervisors and the American association of residential mortgage regulators for
the licensing and registration of licensed mortgage loan originators.
(i) "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,
or arranging for others, or offering to solicit, place, negotiate, acquire,
sell or arrange for others, mortgage loans in the primary market.
(j) "Mortgage company" means a person engaged in mortgage
business from a
principal place of business or branch office, which has been licensed as
required by this act.
(k) "Mortgage loan" means a loan or agreement to extend
credit made to a natural person
which is secured
by a first or second mortgage, deed of trust, contract for deed or other
similar instrument or document representing a security interest or lien upon
any lot intended
for residential purposes or a one-to-four family dwelling as defined in
section 103(v) of the truth in lending act, 15 U.S.C. 1602(v), located in
this
state,
occupied
or intended to be occupied for residential purposes by the owner, including the
renewal or refinancing of any such loan.
(l) "Person" means any individual, sole proprietorship,
corporation,
partnership, trust, association, joint venture, pool syndicate, unincorporated
organization or other form of entity, however organized.
(m) "Primary market" means the market wherein mortgage
loans are
originated between a lender and a borrower, whether or not through a mortgage
broker or other means.
(n) "Principal place of business"
means a licensed 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.
(o) "Promotional items" means pens, pencils, hats and other
such novelty
items.
(p) "Registrant" means any individual who
holds a valid
registration to conduct mortgage business in this state
as a loan originator.
(q) "Unique identifier" means a number or other identifier assigned by
protocols established by the nationwide mortgage licensing system and
registry.
History: L. 1996, ch. 175, § 1;
L. 1999, ch. 45, § 1;
L. 2001, ch. 88, § 2;
L. 2001, ch. 166, § 1;
L. 2009, ch. 29, § 4; July 1.