HB 235 (BR 860) - R. Damron
AN ACT relating to mortgage loan business.
Amend KRS 294.010 to define "mortgage loan broker", "loan officer", and "loan processor"; amend KRS 294.020 to subject mortgage loan brokers regulated by the Department of Housing and Urban Development to the requirements of registration and continuing education; amend KRS 294.030 to require mortgage loan brokers and loan officers to register before originating loans; create a new section of KRS Chapter 294 to require mortgage loan brokers and loan officers to register with the Department of Financial Institutions annually; require loan officers when registering for the first time to complete a 12 hour course; establish a registration fee of $50; create a new section of KRS ch. 294 to create a new section of KRS Chapter 294 to require mortgage loan brokers and loan officers to complete 12 hours of continuing education annually; require the department to approve continuing education courses; require certification to the department of completion of continuing education courses; permit an extension of 1 year at the discretion of the commissioner to complete continuing education requirements; provide for termination of registration for failure to complete continuing education courses and provide for reinstatement of registration; provide a penalty for submitting false or fraudulent certificate of compliance; amend KRS 294.032 to clarify that the requirement of 30 hours training before a mortgage broker can be licensed means 30 classroom hours.
HB 235 - AMENDMENTS
HCA (1, R. Damron) - Define "classroom"; clarify that mortgage loan companies regulated by HUD are subject to Sections 4 and 5 of this Act; delete provision that training classroom courses approved by the National Mortgage Brokers Association meet department standards; delete penalty for submission of false or fraudulent certificate of compliance with continuing education requirement; create a new section of KRS Chapter 294 to establish grounds for denial, suspension, or revocation of the registration of a loan officer.
Jan 8-introduced in House
Jan 9-to Banking and Insurance (H)
Jan 10-posted in committee
Jan 30-reported favorably, 1st reading, to Calendar with committee amendment (1)
Jan 31-2nd reading, to Rules
Feb 7-posted for passage in the Regular Orders of the Day for Friday, February 8, 2002
Feb 12-3rd reading, passed 90-1 with committee amendment (1)
Feb 13-received in Senate
Feb 15-to Banking and Insurance (S)
Mar 21-reported favorably, 1st reading, to Consent Calendar
Mar 22-2nd reading, to Rules
