286.8-034 Fees.
(1)
(2)
(3)
(4)
(5)
An applicant for a license under this subtitle shall provide the commissioner with
separate checks payable to the Kentucky State Treasurer for:
(a) An investigation fee of three hundred dollars (0) for the principal office
and one hundred fifty dollars (0) for each branch office; and
(b) A license fee of four hundred fifty dollars (0) for the principal office and
two hundred fifty dollars (0) for each branch originating mortgages on
residential real properties located in Kentucky if the applicant applies for a
license on or between November 1 and June 30 of the following calendar year
or of one hundred fifty dollars (0) for the principal office and one hundred
dollars (0) for each branch if the applicant applies for a license on or
between July 1 and October 31 of the same calendar year.
A license issued between January 1 and October 31 of the same calendar year shall
expire on December 31 of the same calendar year. A license issued between
November 1 and December 31 of the same calendar year shall expire on December
31 of the following calendar year.
A license may be renewed by paying the annual renewal license fee which is three
hundred fifty dollars (0) for the principal office and two hundred fifty dollars
(0) for each branch originating mortgages on residential real properties located
in Kentucky, submitting to the Nationwide Mortgage Licensing System and
Registry an annual report of condition, which shall be in such form and contain such
information as the Nationwide Mortgage Licensing System and Registry may
require, and submitting to the commissioner any other information required by the
commissioner. The commissioner shall not approve the renewal of a mortgage loan
broker's license if the commissioner has not received the information on physical
location as required in KRS 286.8-032(8).
The application, fees, and any required information shall be received by the
commissioner on or before November 30 prior to the December 31 expiration date.
The commissioner may reinstate the license within thirty-one (31) days of the
expiration of the license if the licensee pays the filing fee and a reinstatement fee of
two hundred fifty dollars (0). A license shall not be reinstated when the
application, fees, or any required information is received on or after February 1 of
the following year that the renewal application was due.
The commissioner shall provide a licensee with a duplicate copy of any license
upon a satisfactory showing of its loss and payment of a ten dollar ()
replacement fee.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 766, effective July 15, 2010. -- Amended
2009 Ky. Acts ch. 104, sec. 6, effective June 25, 2009. -- Amended 2008 Ky. Acts
ch. 175, sec. 8, effective April 24, 2008. -- Amended 2006 Ky. Acts ch. 218, sec. 12,
effective July 12, 2006. -- Amended 2003 Ky. Acts ch. 64, sec. 5, effective June 24,
2003. -- Amended 1998 Ky. Acts ch. 197, sec. 4, effective July 15, 1998. -- Amended
1994 Ky. Acts ch. 377, sec. 1, effective July 15, 1994. -- Created 1986 Ky. Acts
ch. 461, sec. 5, effective July 15, 1986.
Formerly codified as KRS 294.034.
Legislative Research Commission Note (4/24/2008). A manifest clerical or
typographical error in subsection (3) of this statute has been corrected in codification
by the Reviser of Statutes under the authority of KRS 7.136(1)(h).
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, a KRS reference has been adjusted to conform with the renumbering.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.