Download as PDF
286.8-285 Participation in National Mortgage Licensing System and Registry
-- Duties -- Reporting.
(1)
(2)
(3)
(4)
(5)
(a)
In addition to other duties imposed upon the commissioner in this subtitle,
the commissioner shall be authorized to participate in the establishment
and implementation of the Nationwide Mortgage Licensing System and
Registry and to implement and comply with the minimum requirements
set forth in the S.A.F.E. Mortgage Licensing Act, Pub. L. No. 110-289,
and amendments thereto.
(b) For such purpose, the commissioner is authorized to waive or modify, in
whole or in part, by rule or by order, any or all of the requirements of this
subtitle and to establish new requirements as reasonably necessary to
carry out the purpose of this section.
(c) The commissioner shall have authority to establish relationships or
contracts with other governmental agencies, the Nationwide Mortgage
Licensing System and Registry, or entities affiliated with the system that
are necessary to carry out the purpose of this section.
(d) The commissioner may establish interim procedures to promote and
establish an orderly and efficient transition for the registration, review, and
acceptance of new applications. The commissioner may also establish
interim procedures and expedited review and registration procedures for
previously registered individuals.
(e) The commissioner may use the Nationwide Mortgage Licensing System
and Registry as an agent for receiving, requesting, and distributing
information to and from any source so directed by the commissioner.
The commissioner shall establish a process whereby licensees may challenge
information entered into the Nationwide Mortgage Licensing System and
Registry by the commissioner.
The commissioner shall annually request audited financial reports, including
inquiring as to the budget and fees collected, both proposed and actual, from
the Nationwide Mortgage Licensing System and Registry.
The commissioner shall annually request any nonconfidential protocols or
reports for the security and safeguarding of personal information maintained by
the Nationwide Mortgage Licensing System and Registry, including the
following:
(a) Inquiring as to whether the system has implemented and complied with
the data security guidelines set forth in the Gramm-Leach-Bliley Act, 15
U.S.C. sec. 6801;
(b) Inquiring as to the results of any nonconfidential periodic data protection
audits that the system may conduct; and
(c) Inquiring as to whether any security breaches have occurred resulting in
the substantial likelihood that personal information may be misused or
stolen.
The commissioner shall annually request from the Nationwide Mortgage
Licensing System and Registry the following statistical information, if available,
relating to the examinations taken by applicants seeking registration as a loan
originator in Kentucky during the preceding calendar year:
(a)
(6)
(7)
The total number of tested individuals, along with any relevant
demographic information available such as race, ethnicity, or gender;
(b) The total number of individuals who received a passing score on the
examination, along with any relevant demographic information available
such as race, ethnicity, or gender;
(c) The total number of individuals who did not receive a passing score on
the examination, along with any relevant demographic information
available such as race, ethnicity, or gender; and
(d) All mean, average, or scaled scoring data.
When requested by the General Assembly, the commissioner shall review and
report to the General Assembly the content of any information received from
the Nationwide Mortgage Licensing System and Registry pursuant to
subsection (3), (4), or (5) of this section.
Notwithstanding any provision to the contrary in this subtitle or in KRS Chapter
61, the commissioner shall regularly report violations of this subtitle, as well as
enforcement actions and other relevant information, to the Nationwide
Mortgage Licensing System and Registry.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 794, effective July 15, 2010. -Amended 2009 Ky. Acts ch. 104, sec. 20, effective June 25, 2009. -- Amended
2007 Ky. Acts ch. 85, sec. 291, effective June 26, 2007. -- Created 2006 Ky.
Acts ch. 218, sec. 14, effective July 12, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in
2006 Ky. Acts ch. 218 as a new section of KRS Chapter 294. 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 codified
this section as a new section of KRS Chapter 286. In addition, a KRS reference
has been adjusted to conform with the renumbering.
Legislative Research Commission Note (7/12/2006). By the authority of KRS
7.136(1) the Statute Reviser has further divided this section into subsections
and paragraphs.
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.