Kansas passed a bill amending the Mortgage Business Act (MBA). The bill amends the MBA by: adding a definition for “mortgage servicer” and “mortgage servicing”; amending the definition of “mortgage business”; permitting a mortgage company to submit a consolidated financial statement of the entity that owns or controls the mortgage company in lieu of a balance sheet in order to demonstrate the required net worth; repealing the exemption for supervised lenders licensed under the UCCC; repealing the requirement that a mortgage company display the license of the principal place of business and any branch office (rather a mortgage company must make evidence of licensure available at each licensed location); and amending advertising and recordkeeping requirements. The bill becomes effective July 1, 2016.
See the Kansas Legislature Website for the full text of the Statutes: http://www.kslegislature.org/li/b2015_16/measures/documents/sb369_enrolled.pdf
