| Last Action | to Banking & Insurance (S) |
|---|---|
| Title | AN ACT relating to mortgage loans. |
| Bill Documents |
Bill
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| 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 |
| 01/09/15 |
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|---|---|
| 02/03/15 |
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| 02/06/15 |
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| 02/11/15 |
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| 02/12/15 |
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| 02/23/15 |
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| 02/24/15 |
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| 02/26/15 |
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| 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)