16a-2-301. (UCCC) Authority to make or service supervised loans.
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16a-2-301.
(UCCC)Authority to make or service supervised loans.
(1)Unless a person is exempt from licensing pursuant to K.S.A. 2025 Supp. 16a-2-311 , and amendments thereto, such person shall not engage in the business of:
(a)Making supervised loans; or
(b)taking assignments of and directly or indirectly, including through the use of supervised loans servicing contracts or otherwise, and either:
(i)Undertaking collection of payments from debtors arising from supervised loans; or
(ii)enforcing rights against debtors arising from supervised loans.
(2)If any person is engaged in the business of subsection (1)(b), such person shall promptly apply for a license and may for three months collect and enforce without such license, provided such person's application has not been denied.