§ 16a-2-301 — (UCCC) Authority to make or service supervised loans

(1) Unless a person is exempt from licensing pursuant to K.S.A. 2024 Supp. 16a-2-311, and amendments thereto, such person shall not engage in the business of:
(a) Making supervised loans; or
(b) taking assignments of and directly or indirectly, including through the use of supervised loans servicing contracts or otherwise, and either:
(i) Undertaking collection of payments from debtors arising from supervised loans; or
(ii) enforcing rights against debtors arising from supervised loans.
(2) If any person is engaged in the business of subsection (1)(b), such person shall promptly apply for a license and may for three months collect and enforce without such license, provided such person's application has not been denied.

Legislative History

L. 1973, ch. 85, § 18; L. 1980, ch. 76, § 6; L. 1985, ch. 83, § 1; L. 1988, ch. 85, § 5; L. 2009, ch. 29, § 16; L. 2024, ch. 6, § 42; January 1, 2025.