There is a newer version of this Section
2022
2021
2020
2019
2018 (you are here)
Other previous versions
View our newest version here

2018 Kentucky Revised Statutes
CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE
Subtitle 8 - Mortgage Loan Companies and Brokers
286.8-225 Mortgage fraud prosecution fund -- Funding -- Expenditures.

Universal Citation: KY Rev Stat § 286.8-225 (2018)
Previous Next

Download as PDF
286.8-225 Mortgage fraud prosecution fund -- Funding -- Expenditures. There is hereby created in the State Treasury a trust and revolving fund designated as the "mortgage fraud prosecution fund." All civil penalties or contributions directed by the commissioner to be transmitted to the mortgage fraud prosecution fund shall be deposited into the fund. Expenditures from the fund may be used for the investigation and criminal prosecution of fraudulent activities within the residential mortgage lending process, training related to prevention, detection, and investigation of mortgage fraud, and consumer education related to mortgage fraud. Only the commissioner of the Department of Financial Institutions or the commissioner's designee may authorize expenditures from the account. The money deposited in the fund is hereby appropriated for the uses set forth in this section. Notwithstanding KRS 45.229, any money remaining in the fund at the close of any fiscal year shall not lapse but shall be carried forward to the next fiscal year. The fund may also receive additional state appropriations, gifts, grants, contributions, and federal funds. All interest earned on money in the fund shall be credited to the fund. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 788, effective July 15, 2010. -- Amended 2009 Ky. Acts ch. 104, sec. 15, effective June 25, 2009. -- Created 2008 Ky. Acts ch. 175, sec. 22, effective April 24, 2008.
Previous Next
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.