17-2256. Agent to write contracts; application for permission; approval, when; fee. - Kansas Statutes

17-2256

Chapter 17.--CORPORATIONS Article 22.--CREDIT UNIONS

      17-2256.   Agent to write contracts; application for permission; approval, when; fee. (a) Every guarantee corporation, approved by the administrator, shall write contracts guaranteeing the shares of credit union members only through an agent approved to write such contracts by the administrator. Such agents shall apply to the administrator for permission to write such contracts. The administrator shall grant such authority only after:

      (1)   The applicant provides such applicant's name, address and social security number;

      (2)   the administrator is satisfied that the applicant is of good reputation and that the applicant has received training or is otherwise qualified to sell this type of contract; and

      (3)   the applicant has paid an application fee of $5.

      (b)   The approval of such agents shall expire every year on May 31 and may be renewed by the administrator upon the payment of $5 unless there is, after a hearing or an opportunity for a hearing is given to the agent in accordance with the provisions of the Kansas administrative procedure act, a sufficient showing of cause why the agent should not continue to sell such contracts.

      History:   L. 1975, ch. 136, § 15; L. 1981, ch. 103, § 6; L. 1988, ch. 356, § 54; July 1, 1989.