2011 Kentucky Revised Statutes Subtitle 8. Mortgage Loan Companies and Brokers 286.8.227 Collection of civil penalties to be deposited in mortgage fraud prosecution fund -- Distribution -- Administrative regulations.
KY Rev Stat § 286.8.227 (1996 through Reg Sess) What's This?
286.8-227 Collection of civil penalties to be deposited in mortgage fraud
prosecution fund -- Distribution -- Administrative regulations.
The commissioner is authorized through the collection of civil penalties or contributions
to retain the funds collected for the purpose of depositing the funds into the mortgage
fraud prosecution fund created in KRS 286.8-225. The funds shall be transmitted monthly
to the State Treasurer, who shall deposit the funds into the mortgage fraud prosecution
fund created in KRS 286.8-225. The commissioner of the Department of Financial
Institutions is responsible for the distribution of the funds in the mortgage fraud
prosecution fund and shall, in consultation with the Attorney General and local
prosecutors, develop administrative regulations for the use of these funds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 789, effective July 15, 2010. -- Amended
2009 Ky. Acts ch. 104, sec. 16, effective June 25, 2009. -- Created 2008 Ky. Acts
ch. 175, sec. 23, effective April 24, 2008.
Legislative Research Commission Note (6/25/2009). Under the authority of KRS
7.136(1)(h), manifest clerical or typographical errors occurring in 2009 Ky. Acts
ch. 104, sec. 16, have been corrected during codification. The "fund" referenced in
Section 16 should be the "mortgage fraud prosecution fund" as established in 2009
Ky. Acts ch. 104, sec. 15. and the word "lending" has been deleted in 2009 Ky. Acts
ch. 104, sec. 16, to reflect the correct name of the fund.
Legislative Research Commission Note (4/24/2008). A manifest clerical or
typographical error in the first sentence of this statute has been corrected in
codification by the Reviser of Statutes under the authority of KRS 7.136(1)(h).
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