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SB 170 (BR 1804) - T. Buford
AN ACT relating to mortgage loan companies and loan brokers.
Amend KRS 294.010 to define "employee"; amend KRS 294.020 to specify the requirements for an exemption under Chapter 294, to allow the commissioner to exempt an independent contractor that solicits mortgage loans for only 1 entity from licensure under certain conditions, and to prohibit licensed mortgage loan companies or brokers from brokering or purchasing loans from unlicensed or exempted entities; amend KRS 294.200 to prohibit a mortgage loan company or broker from charging a fee for the issuance of an initial written loan payoff or payment history; amend KRS 294.100 to conform; amend KRS 294.990 to allow the commissioner to order a refund of any fee collected instead of legal action formerly required by the Attorney General, and to establish that to intimidate an appraiser or to influence an appraiser's report relating to market conditions or determinations of value is a Class A misdemeanor.
SB 170 - AMENDMENTS
SCS - Amend to restore the exemption for mortgage loan companies and mortgage loan brokers regulated by the Department of Housing and Urban Development, from certain provisions of KRS Chapter 294; amend to exclude mobile homes from the definition of "residential real property"; and amend to the remove penalty section regarding intimidation of an appraiser.
HCS - Retain original provisions except restore language to exempt a natural person making a mortgage loan with his or her own funds for the person's own investment without the intent to resell the mortgage loan; delete exemption for mortgage loan companies or brokers regulated by the Department of Housing and Urban Development; restore language requiring a person relying on an exemption for file a claim of exemption; amend KRS 294.090 to authorize the commissioner to take certain action if a person relies on an exemption but fails to file a claim of exemption; amend KRS 294.120 to provide that effecting transactions upon terms and conditions other than those in the letter of commitment, loan commitment, or other loan contract, or entering into an agreement with unfair terms and conditions or compensation, is void.
HFA (1, R. Damron) - Amend to exempt financial institutions authorized by the Department of Financial Institutions and others from the claim of exemption filing requirement; and to establish that any person who engages in the business of Subtitle 294 of KRS 304 without being licensed will not have the right to collect principle, charges, or recompense.
HFA (2, D. Ford) - Exempt from the provisions of KRS Chapter 294 licensed real estate brokers and sales associates not actively engaged in the business of negotiating loans secured by real property when the person renders the services in the course of his or her practice as a real estate broker or associate.
HFA (3, J. Bruce) - Exempt from state regulation mortgage loan companies and brokers regulated by the Department of Housing and Urban Development.
HFA (4, R. Damron) - Amend to allow a HUD regulated lender to file for a claim of exemption; to require certain lenders to annually file an audited financial statement, quality control plan, and a report of the quality control review findings based on a sample of at least ten percent (10%) of the lender's total production from all product lines; and to require lenders subject to KRS Chapter 194 to have a net worth of at least twenty thousand dollars ($20,000).
HFA (5, R. Damron) - Amend to exempt financial institutions authorized by the Department of Financial Institutions and others from the claim of exemption filing requirement; establish that any person who engages in the business of Subtitle 294 of KRS 304 without being licensed or obtaining an exemption will not have the right to collect principle, charges, or any recompense.
Feb 1-introduced in Senate
Feb 3-to Banking and Insurance (S)
Feb 15-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 16-2nd reading, to Rules
Feb 17-posted for passage in the Regular Orders of the Day for Tuesday, February 22, 2000
Feb 22-3rd reading, passed 36-0 with Committee Substitute
Feb 23-received in House
Feb 24-to Banking and Insurance (H)
Feb 25-posted in committee
Mar 9-reported favorably, 1st reading, to Calendar with Committee Substitute
Mar 10-2nd reading, to Rules
Mar 16-floor amendment (1) filed to Committee Substitute ; posted for passage in the Regular Orders of the Day for Friday, March 17, 2000
Mar 17-floor amendment (2) filed to Committee Substitute
Mar 20-floor amendment (3) filed to Committee Substitute
Mar 22-floor amendment (4) filed to Committee Substitute
Mar 23-floor amendment (5) filed to Committee Substitute
Mar 28-3rd reading, passed 91-4 with Committee Substitute, floor amendments (1) (2) (4) and (5) ; received in Senate
Mar 29-posted for passage for concurrence in House Committee Substitute, floor amendments (1) (2) (4) and (5)
Apr 11-Senate refused to concur in House floor amendments (4) and (5) ; Senate concurred in House floor amendments (1) and (2) ; received in House; posted for passage for receding from House floor amendments (4) and (5) ; House receded from floor amendments (4) and (5) ; passed 96-1; received in Senate
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