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Friday, May 16, 2014

Kansas Levels Playing Field on Mortgage Registration Fees

Kansas Gov. Sam Brownback signed legislation that will help level the playing field between banks and Farm Credit System lenders in that state. The bill, strongly backed by the Kansas Bankers Association, will phase out over five years a mortgage registration fee of $260 per $100,000 borrowed. The fee was charged to bank borrowers but not to individuals borrowing through an FCS lender. KBA president and CEO Chuck Stones said:

We simply informed our state policymakers that Kansas shouldn’t have fees or taxes that place tax-paying Kansas banks at a disadvantage to tax-exempt Farm Credit lenders. This unfair fee also placed customers of Kansas banks at a disadvantage with cash buyers of real estate.

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