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Minutes for SB495 - Committee on Financial Institutions and Insurance
Short Title
Modifying certain terms, definitions, deadlines and provisions contained in the uniform consumer credit code and transferring certain mortgage provisions from the uniform consumer credit code to the Kansas mortgage business act.
Minutes Content for Tue, Feb 13, 2024
Chairperson Longbine opened the meeting by greeting members, staff and guests. It was noted that Tamera Lawrence, Sr. Assistant Revisor, Revisor of Statutes Office (ROS), attended virtually via Webex.
The Chairperson opened the hearing on SB495.
Eileen Ma, Assistant Revisor, ROS, presented the Revisor's Memorandum brief of the bill. Ms. Ma told members that she had moved mortgage provisions out of the uniform consumer credit code (UCCC) and into the Kansas mortgage business act (KMBA) as explained in the four bullet-points in the first paragraph of her brief. She went through the changes, section by section, which were documented in the chart attached to her brief. (Attachment 1) There were no questions for Ms. Ma.
Jim Payne, Assistant Deputy Commissioner, Consumer and Mortgage Lending Division, Office of the State Bank Commissioner, who requested SB495 on behalf of David Herndon, the State Bank Commissioner, presented oral proponent testimony. Mr. Payne explained that the UCCC was originally enacted in 1973 and there has been neither significant modernization nor substantive recodification since that time. He related that the OSBC made numerous engagement efforts with members of the public, members of the various industries the UCCC affects, internal stakeholders, and other state and federal agencies to obtain input and feedback related to regulation and oversight. (Attachment 2)
Mr. Payne highlighted the proposed updates and changes to the UCCC and KMBA brought by a large range of stakeholders and would modernize those acts to allow for more efficient regulation by the state; provide clarity and confidence for industry members; and enable the UCCC to maintain a fair and effective consumer credit market in Kansas.
Mr. Payne received comments and answered questions from Chairperson Longbine, Senators Pittman, Warren, Fagg, and Kloos. Senator Warren requested that Mr. Payne provide a list of the stakeholders that participated and contributed to the cumulative effort and product of SB495. Chairperson Longbine commended Ms. Ma, Mr. Payne, and all the parties who worked so diligently to get this aged and very complicated statute up to date.
The Chairperson explained that the proponent, opponent, and neutral testimony on SB495 would be heard tomorrow, Wednesday February 14, 2024. On Thursday, February 15, 2024, the Chairperson expects to take final action on bills previously heard.
Chairperson Longbine recessed the hearing until Wednesday, February 14, 2024, at 9:30 am in Room 546-South of the Capitol. The meeting adjourned at 10:20 am.
