Kansas Mortgage Brokers Prepare for 2025 Regulatory Changes under House Bill 2247: Modernizing Lending & Strengthening Consumer Protections
TOPEKA, KS / ACCESS Newswire / June 15, 2025 / Kansas mortgage brokers are gearing up for significant regulatory changes as House Bill 2247, signed into law in March 2024, is set to take effect on January 1, 2025. The legislation introduces comprehensive amendments to the Kansas Mortgage Business Act and the Uniform Consumer Credit Code, aiming to modernize lending practices and enhance consumer protections.
Under HB 2247, the threshold amount for consumer credit transactions will increase from $25,000 to $69,500, aligning with the federal Truth in Lending Act. This change is expected to broaden the scope of transactions subject to state regulation, impacting both lenders and borrowers across Kansas.
"This legislative update reflects a significant shift in our state's approach to mortgage lending," said David Chittwood, a seasoned mortgage broker based in Topeka. "By aligning state thresholds with federal standards, we're promoting consistency and clarity in the lending process."
The bill also amends provisions related to the territorial scope of the Kansas Mortgage Business Act, clarifying that a consumer credit transaction is considered made in Kansas if the creditor induces a Kansas resident to enter into the transaction through various forms of solicitation, including electronic means.
These changes are poised to impact mortgage brokers, lenders, and consumers alike, necessitating adjustments in compliance protocols and lending practices. Industry professionals are advised to review the full text of HB 2247 and consult with legal experts to ensure adherence to the new regulations.
For more information on how these changes may affect your mortgage lending practices, or to discuss your specific needs, please contact David Chittwood at The Mortgage Squad.
About The Mortgage Squad
The Mortgage Squad is a leading mortgage brokerage firm based in Topeka, KS, dedicated to providing personalized lending solutions to meet the diverse needs of our clients. With a commitment to transparency, integrity, and customer service, we strive to make the home financing process as seamless and straightforward as possible.
Media Contact:
Name: LeaderOne Financial - The Mortgage Squad
Email: DavidChittwood@leader1.com
Phone: +1 (785) 450-9056
SOURCE: LeaderOne Financial - The Mortgage Squad
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