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286.8-225 Mortgage fraud prosecution fund -- Funding -- Expenditures.
There is hereby created in the State Treasury a trust and revolving fund designated as the <br>"mortgage fraud prosecution fund." All civil penalties or contributions directed by the <br>commissioner to be transmitted to the mortgage fraud prosecution fund shall be deposited <br>into the fund. Expenditures from the fund may be used for the investigation and criminal <br>prosecution of fraudulent activities within the residential mortgage lending process, <br>training related to prevention, detection, and investigation of mortgage fraud, and <br>consumer education related to mortgage fraud. Only the commissioner of the Department <br>of Financial Institutions or the commissioner's designee may authorize expenditures from <br>the account. The money deposited in the fund is hereby appropriated for the uses set forth <br>in this section. Notwithstanding KRS 45.229, any money remaining in the fund at the <br>close of any fiscal year shall not lapse but shall be carried forward to the next fiscal year. <br>The fund may also receive additional state appropriations, gifts, grants, contributions, and <br>federal funds. All interest earned on money in the fund shall be credited to the fund.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 788, effective July 15, 2010. -- Amended
2009 Ky. Acts ch. 104, sec. 15, effective June 25, 2009. -- Created 2008 Ky. Acts <br>ch. 175, sec. 22, effective April 24, 2008.
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