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Financial Services Law Insights and Observations

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  • Kansas amends mortgage licensing provisions

    On April 7, the Kansas governor signed HB 2568, which updates the Kansas Mortgage Business Act by amending certain mortgage licensing provisions. Among other things, the bill: (i) authorizes certain mortgage business to be conducted at remote locations; (ii) establishes procedures and requirements for license and registration renewal or reinstatement; (iii) adjusts surety bond requirements; (iv) provides for evidence of solvency and net worth; and (v) requires notice to the Commissioner when adding or closing any branch office. Additionally, the bill replaces the current requirements for licenses and renewal applications and also sets the expiration date for licenses and registration on December 31 of each year. A license or registration will be renewed without assessment of a late fee by filing a complete renewal application and nonrefundable renewal fee with the Commissioner by December 1 of each year. The bill is effective July 1.

    Licensing State Issues State Legislation Kansas Mortgages

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  • HUD announces disaster relief for homeowners in several states

    Federal Issues

    On January 12, HUD announced disaster assistance for certain areas in Missouri impacted by severe storms, straight-line winds, and tornadoes in December 2021. The disaster assistance supplements state, tribal, and local recovery efforts in specific counties, and provides foreclosure relief and other assistance to affected homeowners following President Biden’s major disaster declaration on January 11. According to the announcement, HUD is providing an automatic 90-day moratorium on foreclosures of FHA-insured home mortgages for covered properties and is making FHA insurance available to victims whose homes were destroyed or severely damaged, such that “reconstruction or replacement is necessary.” HUD’s Section 203(k) loan program allows individuals who have lost homes to finance the purchase of a house or refinance an existing house along with the costs of repair, through a single mortgage. The program also allows homeowners with damaged property to finance the rehabilitation of existing single-family homes. HUD also announced it is allowing applications for administrative flexibility waivers for Community Planning and Development Grantees and public housing authorities. Recently, HUD announced it will provide the same foreclosure relief and assistance to Alabama, Arkansas, Kansas, and Washington state homeowners affected by severe storms, flooding, tornados, and wildfires in those states. (See press releases here, here, here, and here).

    Federal Issues HUD Disaster Relief Mortgages Consumer Finance Arkansas Washington Alabama Kansas Missouri

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  • Kansas AG fines companies for unlawful data disposal

    State Issues

    On November 1, the Kansas attorney general ordered three national companies that manage business documents to pay fines totaling nearly $500,000 for the alleged unlawful disposal of records containing consumers’ personal information. According to the Kansas AG, the companies violated the Kansas Consumer Protection Act and the Wayne Owen Act by repeatedly disposing of records in unsecured trash receptacles without “rendering the personal information unreadable or undecipherable.” By engaging in these actions, the AG stated, the companies failed to comply with the requirements that companies implement and maintain reasonable policies and procedures and exercise reasonable care to protect personal information from unauthorized access and use, and take reasonable steps to destroy records containing personal information when they are no longer needed. Under the terms of the consent judgments (see here, here, and here), the companies must pay the fine, implement measures to ensure the proper disposal of documents, conduct employee training on the proper handling and disposal of personal information, and evaluate their information security programs and policies to ensure personal information is protected.

    State Issues State Attorney General Enforcement Privacy/Cyber Risk & Data Security Consumer Protection Kansas

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  • Kansas extends orders relating to the Covid-19 pandemic

    State Issues

    On September 10, the Kansas governor issued another executive order delaying the sunset date of several existing executive orders relating to Covid-19 to January 26, 2021, or until the statewide state of disaster emergency relating to Covid-19 expires, whichever is earlier, with some exceptions (previously covered here). Among others, the executive order delays the sunset date for the order halting certain foreclosures and evictions (previously covered here), the order extending professional and occupational licenses (previously covered here and here), as well as the order temporarily allowing remote notarizations (previously covered here).

    State Issues Covid-19 Kansas Mortgages Foreclosure Evictions Licensing Fintech

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  • Kansas extends remote work guidance for certain licensees

    State Issues

    On August 27, the Kansas Office of the State Bank Commissioner extended its remote work guidance, previously covered here and here, for mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants. Licensed or registered individuals and entities are permitted to work from their residences or a company designated location, provided certain requirements are met, through December 31, 2020.

    State Issues Covid-19 Kansas Licensing Mortgages Mortgage Origination Loan Origination Credit Services Business Money Service / Money Transmitters

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  • Kansas issues executive order temporarily prohibiting certain foreclosures and evictions

    State Issues

    On August 17, the Kansas governor issued Executive Order No. 20-61, which imposes restrictions on foreclosures and evictions. Banks and lending entities are prohibited from foreclosing on residential properties in Kansas where all defaults or violations of the mortgage are substantially caused by a financial hardship resulting from the Covid-19 pandemic, subject to certain exemptions. Landlords are similarly prohibited from evicting a residential tenant when all defaults or violations of the rental agreement are substantially caused by a financial hardship resulting from the pandemic. Banks, financial lending entities, or landlords initiating judicial foreclosure or eviction proceedings after August 17, 2020, bear the burden of pleading and proving that the foreclosure or eviction is not solely based on defaults or violations resulting from financial hardships resulting from the pandemic. The order does not apply to foreclosures initiated by the U.S. government.

    State Issues Covid-19 Kansas Mortgages Foreclosure Evictions Banking Lending

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  • Kansas issues executive order regarding vehicle registration

    State Issues

    On July 8, the Kansas governor issued Executive Order No. 20-55, which amends provisions in Kansas law related to drivers’ license and vehicle registration during the state of disaster emergency. Among other things, the executive order extends the deadline for new Kansas owners that have purchased a new or used motor vehicle on or after January 1, 2020, to make an application for vehicle transfer, certificate of title, and registration. The applicable deadline depends upon when the motor vehicle was purchased.

    State Issues Covid-19 Kansas Auto Finance

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  • State Issues, Covid-19, District of Columbia, Consumer Credit, Credit Report, Consumer Finance

    State Issues

    On July 7, the Kansas Office of the State Bank Commissioner again extended its remote work guidance for mortgage companies, mortgage loan originators, supervised loan licenses, credit service organizations, money transmitters, and credit notification registrations, previously covered here. With the update, working from home is permitted through September 15.

    State Issues Covid-19 Kansas Mortgages Mortgage Origination Licensing Consumer Credit Money Service / Money Transmitters Bank Compliance

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  • Kansas extends remote work guidance for certain licensees

    State Issues

    On June 11, the Kansas Office of the State Bank Commissioner extended its remote work guidance, previously covered here, for mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants. Licensed or registered individuals and entities are permitted to work from their residences or a company designated location, provided certain requirements are met, through July 15, 2020.

    State Issues Covid-19 Kansas Licensing Mortgages Mortgage Origination Loan Origination Credit Services Business Money Service / Money Transmitters Fintech

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  • Kansas permits temporary remote notarizations

    State Issues

    On May 26, the Kansas governor issued Executive Order 20-40, which temporarily permits notaries and witnesses to use audio-video technology for notarial acts during the state of disaster emergency. The order requires that (i) the notary public and the individual signing the document both be physically located in Kansas while performing the notarial act, (ii) the notary public identify the individual signing the document by personal knowledge or documentary evidence, and (iii) the transaction follow any guidance posted by the Kansas secretary of state on its website, among other conditions.

    State Issues Covid-19 Kansas Notary Fintech

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