2011 Kentucky Revised Statutes Subtitle 8. Mortgage Loan Companies and Brokers 286.8.260 Continuing professional education required for persons registered under subtitle -- Termination and surrender of certificate of registration for failure to comply.
KY Rev Stat § 286.8.260 (1996 through Reg Sess) What's This?
286.8-260 Continuing professional education required for persons registered under
subtitle -- Termination and surrender of certificate of registration for failure
to comply.
(1)
(2)
(3)
(4)
(5)
Any person required to be registered under this subtitle shall complete at least
twelve (12) hours of continuing professional education on an annual basis that is
approved and designated by the commissioner. A minimum of four (4) hours of
continuing professional education at least once every two (2) years shall be
instruction on the requirements of this subtitle or KRS 360.100, or a combination of
both.
For the purposes of subsection (1) of this section, the continuing professional
education courses approved and designated by the commissioner shall meet the
minimum requirements set forth in Section 1505(b) of the S.A.F.E. Mortgage
Licensing Act, Pub. L. No. 110-289, and amendments thereto. The education
courses approved and designated by the commissioner shall also be reviewed and
approved by the Nationwide Mortgage Licensing System and Registry unless the
Nationwide Mortgage Licensing System and Registry provides otherwise.
For the purposes of subsection (1) of this section, the commissioner may accept as
credit towards the completion of the continuing professional education requirements
in this state, the completion of continuing professional education requirements in
any other state so long as the education has met the requirements set forth in
subsections (1) and (2) of this section.
For good cause shown, the commissioner may grant an extension during which the
continuing education requirement of this section may be completed, but the
extension may not exceed thirty (30) days. What constitutes good cause for the
extension of time rests within the discretion of the commissioner.
The certificate of registration of any mortgage loan originator or mortgage loan
processor that fails to comply with the continuing professional education
requirements of this section and who has not been granted an extension of time to
comply in accordance with subsection (4) of this section shall expire and shall
promptly be deemed surrendered to the commissioner without demand.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 791, effective July 15, 2010. -- Amended
2009 Ky. Acts ch. 104, sec. 19, effective June 25, 2009. -- Amended 2008 Ky. Acts
ch. 175, sec. 18, effective April 24, 2008. -- Amended 2006 Ky. Acts ch. 218, sec. 8,
effective July 12, 2006. -- Created 2003 Ky. Acts ch. 64, sec. 7, effective June 24,
2003.
Formerly codified as KRS 294.260.
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.
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