KNS LEG enacted Bill SB 27 reconciling multiple amendments to certain statutes.
The bill makes amendments to the Kansas mortgage business act (Act).
Bill Provisions
Defines amount financed, net amount of credit granted to consumer or on their behalf.
The amount financed shall be calculated in accordance with rules and regulations adopted by the Commissioner pursuant to KNS FIN 9-2209, and amendments thereto.
Annual percentage rate shall have the same meaning, be interpreted in the same manner and be calculated using the same methodology as prescribed by 15 USC 1606.
Makes changes to implement SB 491 of 2024 re criminal history and record checks.
Whenever the Commissioner requires fingerprinting, a background check, or both, any costs associated with the aforementioned requirements shall be paid by the applicant.
Grant of powers to Commissioner in bill not affect remedies available to consumers.
Legislative History
On Jan. 11, 2023, bill introduced in Senate; on Apr. 30, 2024, bill passed in Senate.
On Mar. 1, 2023, bill delivered to House; on Apr. 30, 2024, bill passed in House.
On May 7, 2024, bill delivered to governor; on May 9, 2024, bill approved by governor.
Effectiveness
Effective from publication in statute book, several provisions apply after Jan. 1, 2025.
Regulators
KNS LEG
Entity Types
Bank; MG Orig; Servicer
Reference
Bill, SB27, 5/10/2024; Citation: KNS FIN 9-2209; 15 USC 1606;
