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Kansas rules board approves temporary mortgage-record and net-worth regulations
Summary
The State Rules and Regulations Board approved two temporary regulations to clarify valuation options for nonpurchase mortgages moved into the Kansas Mortgage Business Act and to set net-worth and notification requirements for certain lenders, citing public-welfare concerns amid recent market stress.
The State Rules and Regulations Board voted to approve two temporary regulations on mortgage record retention and lender net-worth requirements at a meeting called by acting Chief Deputy Robert Hutchison.
The board approved proposed K.A.R. 17-24-4, which clarifies record-retention language moved from the Uniform Consumer Credit Code into the Kansas Mortgage Business Act, and K.A.R. 75-635, which sets net-worth thresholds and notification requirements for certain lenders. Both temporary regulations were adopted by voice vote.
Brock Railer, general counsel for the Office of the State Bank Commissioner, told the board the changes respond to a statutory shift enacted by the 2024 legislature that moved mortgage regulation previously in the Uniform Consumer Credit Code into the Kansas Mortgage Business Act effective Jan. 1, 2025. "In 2024 the legislature agreed with our agency's request to move all…
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