2006 Kentucky Revised Statutes - .250   Mortgage loan brokers to maintain physical location in Commonwealth -- Display of license certificate.

286.8-250 Mortgage loan brokers to maintain physical location in Commonwealth - - Display of license certificate. (1) For purposes of this section, "physical location" means an actual office where the business of mortgage lending or the business of taking or soliciting mortgage loan applications is conducted. The office shall have a street address. A post office box or similar designation shall not meet the requirements of this section. The office shall be accessible to the general public as a place of business and shall hold itself open on a regular basis during posted hours, unless the office is in the residence of the mortgage loan broker and proof of residence has been submitted as required by KRS 286.8-032(8). (2) (a)  Each mortgage loan broker licensed under this subtitle shall maintain a physical location in this state. (b)  Any mortgage loan broker licensed under this subtitle who, on June 24, 2003, does not maintain a physical location in this state shall have ninety (90) days after June 24, 2003, in which to establish one. After the ninety (90) day period, a mortgage loan broker licensed under this subtitle on June 24, 2003, shall not transact business in Kentucky if the licensed mortgage loan broker does not maintain a physical location in this state. (3) The license certificate of a mortgage loan broker shall be at all times prominently displayed at the mortgage loan broker's physical location. Effective: July 12, 2006 History: Amended 2006 Ky. Acts ch. 218, sec. 13, effective July 12, 2006. -- Created 2003 Ky. Acts ch. 64, sec. 15, effective June 24, 2003. Formerly codified as KRS 294.250. Legislative Research Commission Note (7/12/2006). This section was amended in 2006 Ky. Acts ch. 218. In that same session, 2006 Ky. Acts ch. 247, sec. 38, required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1), has changed the number of this section and codified it as a section of KRS Chapter 286. In addition, KRS references have been adjusted to conform with the renumbering. Page 1 of 1