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Senate Bill 97

Actions | Amendments
Last Action signed by Governor (Acts, ch. 129)
Title AN ACT relating to mortgage loans.
Bill Documents Bill
Bill Request Number 132
Sponsors R. Alvarado, J. Carpenter
Summary of Original Version Amend provisions of Subtitle 8 of KRS Chapter 286 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 Subtitle 8 of KRS Chapter 286 to prohibit a mortgage loan processor or underwriter from indication 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 Subtitle 8 of KRS chapter 286 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, and to require a supervising mortgage loan company or broker to perform an employee background check prior to hiring a mortgage loan processor and provide proof to the commissioner.
Index Headings of Original Version Loans and Credit - Mortgage loan continuing education, annual requirement
Loans and Credit - Mortgage loan processors, registration requirement, potential exemption
Banks and Financial Institutions - Mortgage loan continuing education, annual requirement reduction
Banks and Financial Institutions - Mortgage loan processors, registration requirement, potential exemption
Banks and Financial Institutions - Mortgage loan processors, requirement for independent contractors, registration
Proposed Amendments Senate Committee Substitute 1
House Committee Substitute 1
Votes Vote History

Actions

Top | Amendments
01/14/16
  • introduced in Senate
01/19/16
  • to Licensing, Occupations, & Administrative Regulations (S)
02/23/16
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
02/24/16
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Thursday, February 25, 2016
02/25/16
  • 3rd reading, passed 36-1 with Committee Substitute (1)
02/26/16
  • received in House
02/29/16
  • to Banking & Insurance (H)
03/11/16
  • posted in committee
03/22/16
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
03/23/16
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Thursday, March 24, 2016
03/24/16
  • 3rd reading, passed 96-0 with Committee Substitute (1)
03/25/16
  • received in Senate
03/29/16
  • posted for passage for concurrence in House Committee Substitute (1)
  • Senate concurred in House Committee Substitute (1)
  • passed 38-0
  • enrolled, signed by President of the Senate
04/01/16
  • enrolled, signed by Speaker of the House
  • delivered to Governor
04/13/16
  • signed by Governor (Acts, ch. 129)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Summary Keep original provisions; amend KRS 286.8-255 to require that the commissioner require applicants to submit to background checks; amend original language to require mortgage loan processors to maintain a registration and that supervising mortgage loan companies or brokers perform a background check through the Nationwide Mortgage Licensing Stem and Registry; amend original language to restore continuing education requirement for mortgage loan processors; remove reverence to mortgage loan processor; add a section amending KRS 286.8-036 to remove reference to a physical license.
Index Headings Loans and Credit - Mortgage loan continuing education, annual requirement
Loans and Credit - Mortgage loan processors, registration requirement, potential exemption
Banks and Financial Institutions - Mortgage loan continuing education, annual requirement reduction
Banks and Financial Institutions - Mortgage loan processors, registration requirement, potential exemption
Banks and Financial Institutions - Mortgage loan processors, requirement for independent contractors, registration

Amendment House Committee Substitute 1
Summary Keep original provisions; amend provisions to remove registration requirement for mortgage loan processors; require the supervising mortgage loan company or broker to provide continuing education to the processor; require any background check to be performed in accordance with standards established by the commissioner of the Department of Financial Institutions.
Index Headings Loans and Credit - Mortgage loan continuing education, annual requirement
Loans and Credit - Mortgage loan processors, registration requirement, potential exemption
Banks and Financial Institutions - Mortgage loan continuing education, annual requirement reduction
Banks and Financial Institutions - Mortgage loan processors, registration requirement, potential exemption
Banks and Financial Institutions - Mortgage loan processors, requirement for independent contractors, registration

Last updated: 1/16/2019 3:08 PM (EST)