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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 ($300) for the principal office
and one hundred fifty dollars ($150) for each branch office; and
(b) A license fee of four hundred fifty dollars ($450) for the principal office
and two hundred fifty dollars ($250) 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 ($150) for the
principal office and one hundred dollars ($100) 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 ($350) for the principal office and two hundred fifty
dollars ($250) 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 ($250). 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 ($10)
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.
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