Kan. Admin. Regs. § 75-6-31 - Bond requirements
(a) Each
applicant for a supervised loan license shall submit a bond in the following
amounts:
(1) For any applicant who engages in
or intends to engage in making loans secured by an interest in real property or
contracts for deed, $250,000.00 for the first licensed place of business, plus
an additional $25,000.00 for each additional licensed place of business or, if
the applicant made more than $50,000,000.00 in such loans in Kansas during the
previous calendar year, $300,000.00; or
(2) for all other applicants, $100,000.00 for
the first licensed place of business, plus an additional $25,000.00 for each
additional licensed place of business.
(b) The total bond requirement for each
applicant shall not exceed $300,000.00, unless the administrator determines,
after consideration of the factors specified in subsection (c), that special
circumstances require a higher bond amount in order to adequately protect
Kansas consumers.
(c) In
determining whether a higher bond amount is necessary, the following factors
shall be considered by the administrator:
(1)
Whether the business proposed to be conducted by the applicant involves
technology or methods that may require additional regulatory oversight by the
administrator;
(2) whether the
applicant has been the subject of regulatory or disciplinary actions by the
administrator, any regulatory body of this state or any other state, or any
federal regulatory body; or
(3)
whether the applicant's structure, business activities, or operations possess
elements of risk that may require additional regulatory oversight by the
administrator.
Notes
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