9-2204. Application for license for mortgage company; application for registration for loan originator; content; incomplete application.

439 words·~2 min read·/ks/chapter-9/9-2204

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(a)Any person required to be licensed as a mortgage company pursuant to this act shall submit to the commissioner an application for the mortgage company on forms prescribed and provided by the commissioner. The application shall contain information the commissioner deems necessary to adequately identify:

(1)The nature of the mortgage business to be conducted, principal place of business address and each branch office address;

(2)the identity, character and qualifications of an individual applicant;

(3)the identity, character and qualifications of the loan originators, owners, officers, directors, members, partners and employees of the applicant;

(4)the name under which the applicant intends to conduct business; and

(5)other information the commissioner requires to evaluate the financial responsibility and condition, character, qualifications and fitness of the applicant and compliance with the provisions of this act.

(b)Any individual required to register as a loan originator pursuant to this act shall submit to the commissioner an application for registration on forms prescribed and provided by the commissioner. The application shall contain information the commissioner deems necessary to adequately identify the location where the individual engages in mortgage business activities, the licensee for whom the registrant will conduct mortgage business and other information the commissioner requires to evaluate the condition, character, qualifications, and fitness of the applicant and compliance with the provisions of this act.

(c)Each application shall be accompanied by a nonrefundable fee of not less than $50, which may be increased by rules and regulations pursuant to K.S.A. 9-2209 , and amendments thereto.

(d)The commissioner shall consider an application for a license or registration abandoned if the applicant fails to complete the application within 60 days after the commissioner provides the applicant with written notice of the incomplete application. An applicant whose application is abandoned under this section may reapply to obtain a license or registration and shall pay the fee set forth in subsection

(c)upon such application.

(e)An application shall be approved, and a nonassignable license or registration shall be issued to the applicant if:

(1)The commissioner has received the complete application and fee required by this section;

(2)the commissioner determines the proposed name under which an applicant for a mortgage company license intends to conduct business is not misleading or otherwise deceptive; and

(3)the commissioner determines the financial responsibility and condition, character, qualifications and fitness of the applicant warrants a belief that the business of the applicant will be conducted competently, honestly, fairly and in accordance with all applicable state and federal laws.