808 KAR 12:065. Disclosure for lender/broker making less than five (5) loans per year.

      RELATES TO: KRS 286.8-020(2)(e)

      STATUTORY AUTHORITY: KRS 286.8-140(1)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.8-140(1) authorizes the executive director to promulgate administrative regulations necessary to accomplish the basic purposes of KRS Chapter 286.8. KRS 286.8-020(2)(e) exempts any person making less than five (5) mortgage loans per year from the provisions of KRS Chapter 286.8 and requires that person to notify the office of each loan made in a written form prescribed by the office. This administrative regulation establishes the procedure for notifying the office of each loan transaction when a person makes less than five (5) mortgage loans per year.

      Section 1. A person relying on an exemption under KRS 286.8-020(2)(e) shall submit a Disclosure For Lender/Broker Making Less Than Five Loans Per Year for each loan transaction.

      Section 2. Incorporation by Reference. (1) "Disclosure For Lender/Broker Making Less Than Five Loans Per Year, 2003 edition", is incorporated by reference.

      (2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Office of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, Kentucky 40601, Monday through Friday, 8 a.m. to 4:30 p.m. (30 Ky.R. 1893; eff. 5-24-2004.)