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Minutes for HB2568 - Committee on Financial Institutions and Insurance
Short Title
Amending the Kansas mortgage business act by providing for mortgage business work at remote locations, license and registration renewal or reinstatement procedures, surety bond requirements and evidence of solvency and net worth and requiring notice when adding or closing branch offices.
Minutes Content for Wed, Mar 9, 2022
Chairperson Longbine opened the hearing on HB2568.
Eileen Ma, Assistant Revisor, Kansas Revisor of Statutes Office (ROS), presented the Revisor's Memorandum brief reviewing the bill. (Attachment 1)
Proponent Testimony Oral:
Jim Payne, Assistant Deputy, Director of Examinations, Office of the State Bank Commissioner appeared in person to support the bill, accompanied by Deputy Commissioner Mike Enzbrenner and Staff Attorney Matt Shoger. Mr. Payne stressed that the bill was drafted cooperatively with the OSBC and members of the banking industry to address and upgrade industry shifts in the way their business is conducted to allow for online business. He also stated the bill would have a neutral impact on fees. (Attachment 2) Mr. Payne answered questions from Senators Fagg, Gossage, and Dietrich.
Luke Bell, Senior Manager, Government Relations & Public Affairs, Zillow Group testified remotely via Webex in support of the bill and stood for questions. There were none. (Attachment 3)
Kobie Pruitt, Director, State Government Affairs, Mortgage Bankers Association (MBA) presented proponent testimony remotely via Webex. He remarked how thankful MBA and its members are for the employment and job flexibility the bill provides. There were no questions for Mr. Pruitt. (Attachment 4)
Michael Stidham, Director, Regulatory Affairs, Rocket Mortgage LLC, testified remotely via Webex, supporting HB2568. He expressed the positivity of requiring one master license which eliminates the necessity of applying for multiple licenses for every branch location and also enables the lender to pass savings along to consumers. Mr. Stidham related that Rocket Mortgage has 26,000 full-time employees now able to work from anywhere in the country. (Attachment 5) The members had no questions for Mr. Stidham.
Chairperson Longbine asked if there were other questions or discussion, and if there were any others desiring to give proponent, opponent, or neutral testimony. Seeing none, the Chairperson closed the hearing on HB2568.
The meeting adjourned at 10:10 am. The next scheduled meeting is tomorrow, March 10, 2022, at 9:30 am in Room 546-South of the Capitol.
