KY HB173 | 2015 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on February 24 2015 - 50% progression, died in committee
Action: 2015-02-26 - to Banking & Insurance (S)
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Draft #2) [MS Word]
Status: Engrossed on February 24 2015 - 50% progression, died in committee
Action: 2015-02-26 - to Banking & Insurance (S)
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Draft #2) [MS Word]
Summary
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.
Title
AN ACT relating to mortgage loans.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2015-02-26 | Senate | to Banking & Insurance (S) |
| 2015-02-24 | Senate | received in Senate |
| 2015-02-23 | House | 3rd reading, passed 97-0 with Committee Substitute |
| 2015-02-12 | House | taken from the Consent Orders of the Day, placed in the Regular Orders of the Day for Friday, February 13, 2015 |
| 2015-02-12 | House | posted for passage in the Consent Orders of the Day for Tuesday, February 17, 2015 |
| 2015-02-12 | House | 2nd reading, to Rules |
| 2015-02-11 | House | reported favorably, 1st reading, to Consent Calendar with Committee Substitute |
| 2015-02-06 | House | posted in committee |
| 2015-02-03 | House | to Banking & Insurance (H) |
| 2015-01-09 | House | introduced in House |
