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
"mortgage fraud prosecution fund." All civil penalties or contributions directed by the
commissioner to be transmitted to the mortgage fraud prosecution fund shall be deposited
into the fund. Expenditures from the fund may be used for the investigation and criminal
prosecution of fraudulent activities within the residential mortgage lending process,
training related to prevention, detection, and investigation of mortgage fraud, and
consumer education related to mortgage fraud. Only the commissioner of the Department
of Financial Institutions or the commissioner's designee may authorize expenditures from
the account. The money deposited in the fund is hereby appropriated for the uses set forth
in this section. Notwithstanding KRS 45.229, any money remaining in the fund at the
close of any fiscal year shall not lapse but shall be carried forward to the next fiscal year.
The fund may also receive additional state appropriations, gifts, grants, contributions, and
federal funds. All interest earned on money in the fund shall be credited to the fund.
Effective: July 15, 2010
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
ch. 175, sec. 22, effective April 24, 2008.
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.