50-1016. Persons exempt from registration and other duties under act; burden of proof thereof. - Kansas Statutes

50-1016

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

      50-1016.   Persons exempt from registration and otherduties under act; burden of proof thereof.(a) The following persons are exempt from the requirements of K.S.A. 50-1002,50-1003, 50-1004, 50-1006, 50-1007, 50-1008, 50-1014 and 50-1015, andamendments thereto:

      (1)   Any attorney while engaging in the practice of law;

      (2)   any certified public accountant with a permit to practice under K.S.A.1-310, and amendments thereto, while engaged in practice as a certified publicaccountant or any independent public accountant engaged in the practice ofpublic accounting whose service in relation to procurement of a loan isincidental to their practice;

      (3)   any person licensed as a real estate broker or salesperson underK.S.A. 58-3039, and amendments thereto, while rendering services in theordinary course of a transaction in which a license as a real estate brokeror salesperson is required;

      (4)   any broker-dealer, agent, investment adviser or investment adviserrepresentative registered under K.S.A. 2005 Supp. 17-12a401, 17-12a402,17-12a403 or 17-12a404, and amendments thereto;

      (5)   any person whose fee is wholly contingent on the successfulprocurement of a loan from a third party and to whom no fee, other than abona fide third party fee, is paid before the procurement;

      (6)   any person who is a creditor, or proposed to be a creditor, for any loan;and

      (7)   any feedlot operator licensed under K.S.A. 47-1503, and amendmentsthereto.

      (b)   As used in this section, "bona fide third party fee" includes fees for:

      (1)   Credit reports, appraisals and investigations; and

      (2)   if the loan is to be secured by real property, title examinations,an abstract of title, title insurance, a property survey and similar purposes.

      (c)   As used in this section, "successful procurement of a loan" meansthat a binding commitment from a creditor to advance money has beenreceived and accepted by the borrower.

      (d)   The burden of proof of any exemption or classification provided inthis act shall be on the party claiming the exemption or classification.

      History:   L. 1988, ch. 328, § 16;L. 2004, ch. 154, § 61; July 1, 2005.