Laws and Guidance
Attention: All Kansas Licensed Companies Engaged in Mortgage Activities
Earlier this year, the Kansas Legislature passed, and the governor signed into law, legislation to update the Kansas Mortgage Business Act (KMBA) (K.S.A. 9-2201 et seq.). The bill, SB 369, takes effect July 1, 2016. Among other provisions, SB 369 places all companies that conduct mortgage business in Kansas under the KMBA for licensing purposes. Companies that currently hold a Supervised Lender license will transition to a Mortgage Company (MC) license later this year. Details will follow in a separate notice to affected companies in the coming weeks. Please note that companies currently holding a MC license with the OSBC will not see any changes to their license or licensing process as a result of this bill. MC license numbers are in the format MC.0009999, for example.
However, SB 369 makes additional changes to mortgage laws in Kansas that will be applicable to all current and future MC licensees. View these key changes that become effective July 1, 2016:
Download Full Text of SB 369
Mortgage Transition FAQs