Kansas passed a bill allowing mortgage business at remote locations. Under the bill, a mortgage company licensed under the Mortgage Business Act (MBA) may conduct mortgage business at a remote location if certain conditions are met. The bill does not provide a definition for “remote location”. The bill also: amends the definition of “mortgage company”; modifies monetary and documentation requirements with respect to net worth; requires a mortgage company to notify the State Bank Commissioner if the company adds a business location; amends a timing requirement concerning renewal applications; increases the amount of the surety bond a mortgage company must maintain, and removes all references to “bona fide office”. The bill becomes effective July 1, 2022.
Click to view the Kansas House Bill 2568: https://www.tenaco.com/wp-content/uploads/2022/04/KS-HB-2568-04-09-22.pdf
