2011 Kentucky Revised Statutes Subtitle 8. Mortgage Loan Companies and Brokers 286.8.290 Mortgage loan originators -- Applicability of and exclusion from requirements of subtitle.
KY Rev Stat § 286.8.290 (1996 through Reg Sess) What's This?
286.8-290 Mortgage loan originators -- Applicability of and exclusion from
requirements of subtitle.
(1)
(2)
The following mortgage loan originators shall be subject to subsections (3) and (4)
of this section, but shall be exempt from the registration and regulatory
requirements of KRS 286.8-255:
(a) An individual employed by the following institutions and acting on behalf of
such institutions:
1.
A depository institution;
2.
A subsidiary that is:
a.
Owned and controlled by a depository institution; and
b.
Regulated by the Board of Governors of the Federal Reserve
System, the Comptroller of the Currency, the Director of the
Office of Thrift Supervision, the National Credit Union
Administration, or the Federal Deposit Insurance Corporation; or
3.
An institution regulated by the Farm Credit Administration;
(b) A licensed attorney who negotiates the terms of a mortgage loan on behalf of a
client as an ancillary matter to the attorney's representation of the client,
unless the attorney is compensated by a mortgage loan company, mortgage
loan broker, or other mortgage loan originator, or by an agent of such
company, broker, or other originator;
(c) A natural person who originates a mortgage loan on behalf of an immediate
family member of the natural person unless the natural person is compensated
in connection with that transaction by a mortgage loan company, mortgage
loan broker, or other mortgage loan originator, or by an agent of such
company, broker, or other originator;
(d) A natural person who originates a mortgage loan secured by a dwelling that
served as the natural person's residence unless the natural person is
compensated in connection with that transaction by a mortgage loan company,
mortgage loan broker, or other mortgage loan originator, or by an agent of
such company, broker, or other originator; and
(e) A person who originates a mortgage loan secured by a dwelling; and
1.
Who is exempted by an order of the commissioner; and
2.
Whose exemption would not be contrary to the registration requirements
of the S.A.F.E. Mortgage Licensing Act, Pub. L. No. 110-289, and
amendments thereto.
The following mortgage loan processors shall be subject to subsections (3) and (4)
of this section, but shall be exempt from the registration and regulatory
requirements of KRS 286.8-255:
(a) Any natural person exempted in subsection (1) of this section; and
(b) Any natural person employed by a person exempted in KRS 286.8-020(1)(a),
(b), (c), (d), (e), (f), or (g) and acting on behalf of such person.
(3)
(4)
Notwithstanding any provisions to the contrary set forth in this subtitle, no
mortgage loan originator or mortgage loan processor shall impede the commissioner
or an examiner of the commissioner from interviewing any person regarding any
potential violations of this subtitle.
Notwithstanding any provisions to the contrary set forth in this subtitle, every
mortgage loan originator and mortgage loan processor shall make available and
grant access to the commissioner or an examiner of the commissioner the records in
the originator's or processor's possession or control that are subject to the provisions
of this subtitle.
Effective: June 8, 2011
History: Amended 2011 Ky. Acts ch. 71, sec. 1, effective June 8, 2011. -- Amended
2010 Ky. Acts ch. 24, sec. 795, effective July 15, 2010. -- Created 2009 Ky. Acts
ch. 104, sec. 3, effective June 25, 2009.
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