50-1001. Definitions. - Kansas Statutes

50-1001

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 10.--LOAN BROKERS

      50-1001.   Definitions.As used in this act:

      (a)   "Commissioner" refers to the securities commissioner appointed underK.S.A. 75-6301, and amendments thereto.

      (b)   "Loan" means any agreement to advance money or property in returnfor the promise to make payments for the money or property.

      (c)   "Loan broker" means any person who, in return for a fee from anyperson, promises to procure a loan for any person or assist anyperson in procuring a loan from any third party, or who promises to considerwhether or not to make a loan to any person. Loan broker does not include:

      (1)   Any bank, savings bank, trust company, savings and loan association,credit union or any other financial institution regulated by any agency ofthe United States or any state;

      (2)   any person authorized to sell and service loans for the federalnational mortgage association or the federal home loan mortgagecorporation, issue securities backed by the government national mortgageassociation, make loans insured by the department of housing and urbandevelopment, make loans guaranteed by the veterans administration, or actas a correspondent of loans insured by the department of housing and urbandevelopment or guaranteed by the veterans administration;

      (3)   any insurance company; or

      (4)   any person arranging financing for the sale of the person's product.

      (d)   "Creditor" means any person to whom a loan is initially payable onthe face of the note or contract evidencing the loan.

      History:   L. 1988, ch. 328, § 1; July 1.