Kevin is a licensed Kansas mortgage broker who originates residential mortgage loans. He fails to register with the appropriate state agency and continues to conduct mortgage business. Which Kansas statute governs his licensing requirement, and which agency administers it?
Correct Answer
B) The Kansas Mortgage Business Act, administered by the Office of the State Bank Commissioner.
Under the Kansas Mortgage Business Act, K.S.A. 9-2201 et seq., mortgage brokers and mortgage companies operating in Kansas must be licensed by and registered with the Office of the State Bank Commissioner (OSBC). Kevin's failure to obtain this license is a violation of the Kansas Mortgage Business Act, not the real estate license law. This is a Kansas-specific regulatory structure that distinguishes mortgage licensing from real estate brokerage licensing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
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