Memo MRM99-2
Date: August 18, 1999
To: All Mortgage Registrants
From: Kevin Glendening, Acting Deputy Commissioner - Consumer and Mortgage Lending Division
RE: Inclusion of loan officers in 10 day written notice required by 1999 Senate Bill 241 New Section 14(a)(4), and completion of Background Information Consent Form
K.S.A.(a)(4) requires a registrant to provide written notice to the commissioner within 10 business days of the addition of an officer, partner, or director to the registrant's business.
Question: Is the addition of a loan officer employed by the registrant included within the group of individuals who must be reported within 10 business days?
Answer: Yes, the addition of a loan officer must be reported within the prescribed time frame. The notification should include the name, position title, date employed, description of the individual's work experience; and, be accompanied by a completed Background Information Consent Form. Please note, loan officer information should also be included under Question 10 on renewal applications.
