AN ACT relating to the mortgage loan business.
     Amend various statutes in KRS Chapter 294 pertaining to the mortgage loan company business to clarify the definition of mortgage loan company; exempt mortgage loan companies and brokers regulated by the Department of Housing and Urban Development; require an application for a mortgage loan broker license to contain a financial statement of the applicant; require a mortgage loan company to maintain a funding source of $500,000; require certain information to be filed with the commissioner if a licensee desires to establish a branch office; require applicants for broker's license to complete an educational training course; require a mortgage loan company or broker to notify the commissioner of an office or branch closing; increase the amount of surety bond filed by mortgage loan companies from $25,000 to $100,000 and for brokers from $25,000 to $50,000; require transfer of voting stock of a mortgage loan broker to be approved by the commissioner; require filing of a registration statement to establish or maintain a branch office; prohibit a prepayment penalty being assessed against a borrower after the fifth anniversary date of the mortgage; delete requirement that mortgage loan company provide applicant with a written explanation of all fees, expenses, and other costs; delete requirement that a mortgage loan company furnish a loan settlement statement to each borrower upon request; allow the commissioner to accept examinations of the Government National Mortgage Association and the Federal Home Loan Mortgage Corporation in whole or in part in lieu of an examination by the commissioner; make it unlawful upon receipt of a customer's written request to delay beyond 2 business days the issuance of a written loan payoff amount or to delay beyond 10 business days the issuance of a payment history; permit the commissioner to impose fines of $1,000 to $5,000 against mortgage loan companies and brokers; create a new section of KRS Chapter 294 to provide that examinations of mortgage loan companies and brokers are confidential; allow the department to exchange information with officials and examiners of other properly authorized state or federal regulatory authorities.

     Feb 5-introduced in House
     Feb 6-to Banking and Insurance (H)
     Feb 9-posted in committee
     Feb 19-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 20-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for February 23, 1998
     Feb 26-floor amendment (1) filed
     Feb 27-floor amendment (2) filed to Committee Substitute
     Mar 2-3rd reading, passed 92-1 with Committee Substitute and Floor Amendment (2)
     Mar 3-received in Senate
     Mar 4-to Banking and Insurance (S)
     Mar 11-reported favorably, 1st reading, to Consent Calendar
     Mar 12-2nd reading, to Rules
     Mar 13-posted for passage in the Consent Orders of the Day for March 17, 1998
     Mar 16-floor amendment (1) filed
     Mar 17-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
     Mar 18-3rd reading; floor amendment (1) defeated; passed 36-0
     Mar 19-received in House
     Mar 20-enrolled, signed by each presiding officer, delivered to Governor
     Mar 27-signed by Governor