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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;
(e) Any natural person, including all entities owned in whole or part by that
natural person, that make no more than four (4) loans each calendar year;
and
(f) 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
(3)
(4)
286.8-020(1)(a), (b), (c), (d), (e), (f), (g), or (h) and acting on behalf of
such person.
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:July 12, 2012
History: Amended 2012 Ky. Acts ch. 95, sec. 3, effective July 12, 2012. -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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