HB 102 (BR 280) - R. Damron
AN ACT relating to mortgage loan companies and brokers.
Create a new section of KRS Chapter 294 to require a mortgage loan company to maintain a minimum net worth of $20,000; amend KRS 294.020 to exempt certain lenders from KRS Chapter 294; permit certain exempted persons relief from having to file a claim of exemption; amend KRS 294.220 to make it unlawful for a mortgage loan company to charge a fee for the issuance of an initial written loan payoff amount or payment history for each calendar quarter; prohibit any person who engages in the business regulated by KRS Chapter 294 without a license to collect any principal, charges, or recompense.
HB 102 - AMENDMENTS
HCS - Retain the original provisions; delete the requirement of a minimum net worth; provide an exemption for any mortgage loan involving housing initially transferred by certificate of title under KRS Chapter 186A; require any natural person making a loan with his or her own funds for the person's own investment to provide a disclosure statement; delete penalty for acting as mortgage loan company without a license or exemption and replace it with a provision that a person who engages in such action shall not collect interest or charges but the unpaid principal balance of the loan must be paid in full.
HFA (1, R. Damron) - Provide that the requirement of a disclosure by natural persons not apply to persons making less than 5 mortgage loans per year; make penalty for transacting mortgage loan business without a license or that the exemption apply to persons willfully transacting business without a license or exemption.
SFA (1, R. Sanders Jr) - Create a new section of KRS Chapter 367 to provide that inquiries made by a motor vehicle insurance company or a motor vehicle dealer to a consumer reporting agency about the credit history of a consumer within a 90 day period shall be treated by the consumer reporting agency as 1 inquiry for purposes of determining the credit score of the consumer.
SFA (2/Title, R. Sanders Jr) - Make title amendment.
Jan 4-introduced in House
Jan 5-to Banking and Insurance (H); posted in committee
Feb 14-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 15-2nd reading, to Rules; floor amendment (1) filed to Committee Substitute
Feb 20-posted for passage in the Regular Orders of the Day for Wednesday, February 21, 2001
Feb 21-3rd reading, passed 94-1 with Committee Substitute, floor amendment (1)
Feb 22-received in Senate
Feb 27-to Banking and Insurance (S)
Mar 1-reported favorably, 1st reading, to Calendar; floor amendments (1) and (2-title) filed
Mar 2-2nd reading, to Rules
Mar 7-posted for passage in the Regular Orders of the Day for Wednesday, March 7, 2001; 3rd reading; floor amendments (1) and (2-title) withdrawn ; passed 33-0
Mar 8-received in House; enrolled, signed by each presiding officer, delivered to Governor
Mar 15-signed by Governor (Acts ch. 98)
