KS HB2247

Bill

Senate Substitute for HB 2247 by Committee on Financial Institutions and Insurance - Modifying certain terms, definitions, deadlines and provisions contained in the uniform consumer credit code and transferring mortgage provisions from the uniform consumer credit code to the Kansas mortgage business act.

Introduced
01/31/2023

In Committee
02/20/2024

Crossed Over
03/20/2023

Passed
03/22/2024

Dead

Signed/Enacted/Adopted
03/28/2024

Introduced Session

2023-2024 Regular Session

Bill Summary

AN ACT concerning financial institutions; relating to the Kansas mortgage business act; uniform consumer credit code; pertaining to certain definitions, terms and conditions contained therein; modifying consumer loan finance charges and repayment terms; record requirements; credit card surcharge; definition of earnings and days; increasing the threshold for certain consumer loans and leases; origination fees for non-real estate transactions; clarifying license requirements to make supervised loans; exempting supervised loan license form filing notifications; transferring mortgage provisions contained in the uniform consumer credit code to the Kansas mortgage business act; clarifying entities exempt for licensing; amending K.S.A. 9- 2201, 9-2202, 9-2203, 9-2208, 9-2209, 9-2212, 9-2216, 9-2216a, 9-2220, 16-207, 16- 207d, 16a-1-101, 16a-1-102, 16a-1-103, 16a-1-104, 16a-1-107, 16a-1-108, 16a-1- 109, 16a-1-201, 16a-1-202, 16a-1-301, 16a-2-103, 16a-2-104, 16a-2-201, 16a-2-202, 16a-2-301, 16a-2-302, 16a-2-303, 16a-2-304, 16a-2-308, 16a-2-309, 16a-2-310, 16a- 2-401, 16a-2-402, 16a-2-403, 16a-2-404, 16a-2-501, 16a-2-502, 16a-2-504, 16a-2- 505, 16a-2-506, 16a-2-507, 16a-2-508, 16a-2-510, 16a-3-201, 16a-3-202, 16a-3-203, 16a-3-204, 16a-3-205, 16a-3-206, 16a-3-208, 16a-3-209, 16a-3-301, 16a-3-302, 16a- 3-303, 16a-3-304, 16a-3-305, 16a-3-306, 16a-3-307, 16a-3-308, 16a-3-309, 16a-3- 402, 16a-3-403, 16a-3-404, 16a-3-405, 16a-4-102, 16a-4-104, 16a-4-105, 16a-4-106, 16a-4-107, 16a-4-108, 16a-4-109, 16a-4-110, 16a-4-111, 16a-4-112, 16a-4-201, 16a- 4-202, 16a-4-203, 16a-4-301, 16a-4-304, 16a-5-103, 16a-5-107, 16a-5-108, 16a-5- 111, 16a-5-201, 16a-5-203, 16a-5-301, 16a-6-104, 16a-6-105, 16a-6-106, 16a-6-108, 16a-6-109, 16a-6-110, 16a-6-111, 16a-6-112, 16a-6-113, 16a-6-115, 16a-6-201, 16a- 6-202, 16a-6-203, 16a-6-401, 16a-6-403 and 40-1209 and repealing the existing sections; also repealing K.S.A. 16a-1-303, 16a-2-101, 16a-2-102, 16a-2-303a, 16a-2- 307, 16a-3-101, 16a-3-102, 16a-3-203a, 16a-3-207, 16a-3-308a, 16a-4-101, 16a-4- 103, 16a-5-101, 16a-5-102, 16a-5-110, 16a-5-112, 16a-6-101, 16a-6-102, 16a-6-117, 16a-6-402, 16a-6-404, 16a-6-405, 16a-6-406, 16a-6-407, 16a-6-408, 16a-6-409, 16a- 6-410, 16a-6-414, 16a-9-101 and 16a-9-102.

AI Summary

This bill makes several key changes to the Kansas mortgage business act and the uniform consumer credit code: 1. It establishes requirements for electronic communications and signatures in covered mortgage transactions. It allows electronic notices and requires creditors to comply with the Uniform Electronic Transactions Act. 2. It defines "covered transactions" and applies enhanced consumer protections to those transactions, including limits on interest rates, prepayment fees, and balloon payments. It requires mortgage companies to provide appraisal information and notice to consumers on covered transactions with high loan-to-value ratios. 3. It specifies consumer rights and remedies for violations, including a private right of action for actual damages and statutory penalties. It also provides exemptions from liability for unintentional violations. 4. It makes various other changes to licensing, record-keeping, advertising, and other requirements for mortgage companies and lenders subject to the Kansas mortgage business act and uniform consumer credit code. The bill is intended to provide additional consumer protections, particularly for higher-risk or higher-cost mortgage and consumer credit transactions, while also clarifying and updating various provisions of these existing laws.

Committee Categories

Budget and Finance, Business and Industry, Labor and Employment

Sponsors (0)

No sponsors listed

Other Sponsors (1)

Financial Institutions and Insurance (Senate)

Last Action

House Approved by Governor on Friday, March 29, 2024 (on 03/28/2024)

Official Document

http://kslegislature.org/li/b2023_24/measures/hb2247/

Version:

Document Type	Source Location
State Bill Page	http://kslegislature.org/li/b2023_24/measures/hb2247/
BillText	http://kslegislature.org/li/b2023_24/measures/documents/hb2247_enrolled.pdf
BillText	http://kslegislature.org/li/b2023_24/measures/documents/hb2247_02_0000.pdf
Senate Committee on Financial Institutions and Insurance Report	http://kslegislature.org/li/b2023_24/measures/documents/cr_2024_hb2247_s_3176.pdf
Analysis - Supplemental Note: Version 3	http://kslegislature.org/li/b2023_24/measures/documents/supp_note_hb2247_02_0000.pdf
BillText	http://kslegislature.org/li/b2023_24/measures/documents/hb2247_01_0000.pdf
House Committee on Financial Institutions and Pensions Report	http://kslegislature.org/li/b2023_24/measures/documents/cr_2023_hb2247_h_1605.pdf
Analysis - Supplemental Note: As Amended by House Committee	http://kslegislature.org/li/b2023_24/measures/documents/supp_note_hb2247_01_0000.pdf
Fiscal Note - Ficsal Note: As introduced	http://kslegislature.org/li/b2023_24/measures/documents/fisc_note_hb2247_00_0000.pdf
BillText	http://kslegislature.org/li/b2023_24/measures/documents/hb2247_00_0000.pdf

Bill > HB2247

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (0)

Other Sponsors (1)

Last Action

Official Document

bill text

bill summary

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