KANSAS STATUTES AND CODES

50-1003. Application for registration; contents; bond; issuance; effective date; consent to secretary of state as process agent.

50-1003

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

50-1003. Application for registration; contents; bond; issuance;effective date; consent to secretary of state as process agent.(a) In order to be registered under this act a loan brokershall file an application for registration with the commissioner. Theapplication for registration shall contain:

(1) The disclosure document required under subsection (b) of K.S.A.50-1006, and amendments thereto, and the form of thedisclosure statement proposed to be used undersubsection (b)(1) of K.S.A. 50-1006, and amendments thereto;

(2) consent to service of process under subsection (e);

(3) evidence of the bond required in subsection (b); and

(4) a fee of $250.

(b) A loan broker must maintain a bond satisfactory to the commissionerin the amount of $25,000, which shall be in favor of the state.

(c) Whenever the provisions of this act have been complied with, thecommissioner shall issue a certificate of registration to the applicant,authorizing the applicant to engage in the business of loan brokering.

(d) An application for registration becomes effective as of the datespecified on the certificate ofregistration. Every registration is effective until January 1 of the yearafter it goes into effect.

(e) Every applicant for registration shall file with the commissioner,in such form as the commissioner prescribes, anirrevocable consent appointing the secretary of state to be the applicant'sagent to receive service of any lawful process in any noncriminal suit,action or proceeding against the applicant arising from the violation ofany provision of this act. Service shall be made in accordance with article3 of chapter 60 of the Kansas Statutes Annotated.

History: L. 1988, ch. 328, § 3;L. 1992, ch. 226, § 8; July 1.