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Minutes for SB18 - Committee on Financial Institutions and Insurance
Short Title
Amending the Kansas mortgage business act.
Minutes Content for Thu, Jan 26, 2017
Chairperson Longbine opened the hearing on SB18. Eileen Ma presented a short overview of the bill's provisions.
Jennifer Cook, (OSBC) testified in support of SB18, which makes adjustments to the Kansas Mortgage Business Act (KMBA). The KMBA provides the OSBC with statutory authority to license and regulate entities conducting mortgage business with Kansas consumers. Each year the KMBA is examined and updated to modernize, make technical changes, and clear up any issues that need clarification. This year's updates encompassed changes regarding the KMBA license; faults in the loan application process; standards by which applicants and licensees document minimum net worth as required by the KMBA; and a change in the annual reporting process such that the report remains confidential, while still permitting the information to be published in composite form. (Attachment 1)
There being no questions or discussion, and no other conferees or written-only testimony submitted, the Chairperson closed the hearing on SB18.
