86-3-29 Participation of salesperson or associate broker in affiliated
business arrangement with title agency.
- Any salesperson or associate broker may have a financial interest,
as defined in K.S.A. 40-2404(14)(e)(ii) and amendments thereto, in
an affiliated business arrangement with a title insurer or title insurance
agency created or regulated pursuant to K.S.A. 40-2404(14)(e)-(j)
and amendments thereto, 12 U.S.C. §2607(c) of the real estate
settlement procedures act (RESPA), and 24 C.F.R. 3500.15 if, upon
commencement of the affiliated business arrangement, the salesperson
or asociate broker notifies the supervising broker or branch broker,
by certified mail, of the proposed affiliated business arrangement
in order to allow supervision pursuant to K.S.A. 58-3035(d) and (n)
and K.S.A. 58-3062(c)(3), and amendments thereto.
- Each salesperson or associate broker who has a financial interest
in an affiliated business arrangement as specified in subsection (a)
shall notify the supervising broker or branch broker in writing within
five business days after the effective date of each contract in any
real estate transaction from which the salesperson or associate broker
will receive compensation due to an affiliated business arrangement.
(Authorized by K.S.A. 74-4202(b); implementing K.S.A. 2004 Supp. 58-3035
and 58-3062, as amended by L. 2005, ch. 179, § 19; effective, T-86-5-20-05,
May 20, 2005; effective Nov. 18, 2005.)