House Bill 173

Actions | Amendments
Last Action to Banking & Insurance (S)
Title AN ACT relating to mortgage loans.
Bill Documents Bill
Bill Request Number 435
Sponsors T. Thompson, D. Horlander
Summary of Original Version Amend provisions of KRS 286.8 relating to registration and licensing of persons engaged in mortgage lending to delete the requirement for registration of mortgage loan processors who are directed and supervised by a mortgage loan originator, but retain registration requirements for mortgage loan processors who engage in the mortgage lending process as an independent contractor and require registration of underwriters who engage in the mortgage lending process as an independent contractor; amend KRS 286.8-034 to delete the requirement that the commissioner provide a duplicate copy of a license to a licensee for a fee of $10; create a new section of KRS 286.8 to prohibit a mortgage loan processor or underwriter to indicate that he or she can or will perform any activities of a mortgage loan originator or underwriter if he or she is not registered or authorized to act as a mortgage loan originator; amend KRS 286.8-250 to delete the requirement that a mortgage loan broker prominently display the license certificate at his or her physical location; amend KRS 286.8-255 to delete the requirement that the commissioner provide a duplicate copy of a registration to a registrant for a fee of $10; amend KRS 286.8-260 to reduce from 4 hours to 1 hour per year the required number of hours of continuing education for registrants on the requirements of KRS 286.8 and of KRS 360.100 relating to the state's legal interest rate; amend KRS 286.8-255 to require mortgage loan originators to grant access to any records of which the originator has actual or constructive possession or control, rather than possession or control, to the commissioner or the commissioner's examiner.
Index Headings of Original Version Loans and Credit - Mortgage loan continuing education, reduce number of hours required per year
Loans and Credit - Mortgage loan processors, exempt from registration requirement if supervised by loan originator
Banks and Financial Institutions - Mortgage loan continuing education, reduce number of hours required per year
Banks and Financial Institutions - Mortgage loan processors, exempt from registration requirement if supervised by loan originator
Banks and Financial Institutions - Mortgage loan processors, retain registration requirement for independent contractors
Banks and Financial Institutions - Underwriters of mortgage loans, require registration of independent contractors
Proposed Amendments House Committee Substitute 1
Votes Vote History

Actions

Top | Amendments
01/09/15
  • introduced in House
02/03/15
  • to Banking & Insurance (H)
02/06/15
  • posted in committee
02/11/15
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute
02/12/15
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Tuesday, February 17, 2015
  • taken from the Consent Orders of the Day, placed in the Regular Orders of the Day for Friday, February 13, 2015
02/23/15
  • 3rd reading, passed 97-0 with Committee Substitute
02/24/15
  • received in Senate
02/26/15
  • to Banking & Insurance (S)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Summary Retain original provisions, except delete "actual or constructive" from the requirement for the records of a loan originator or processor that they are required to provide the commissioner.
Index Headings Loans and Credit - Mortgage loan continuing education, reduce number of hours required per year
Loans and Credit - Mortgage loan processors, exempt from registration requirement if supervised by loan originator
Banks and Financial Institutions - Mortgage loan continuing education, reduce number of hours required per year
Banks and Financial Institutions - Mortgage loan processors, exempt from registration requirement if supervised by loan originator
Banks and Financial Institutions - Mortgage loan processors, retain registration requirement for independent contractors
Banks and Financial Institutions - Underwriters of mortgage loans, require registration of independent contractors

Last updated: 1/16/2019 3:10 PM (EST)