03RS HB75


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HB 75 (BR 402) - R. Damron, S. Westrom

     AN ACT relating to office location of mortgage loan brokers.
     Create a new section of KRS Chapter 294 to define "physical office" and require each licensed mortgage loan broker to maintain one in Kentucky; allow 90 day period for compliance by brokers licensed on the effective date of the Act who do not currently maintain a physical office in Kentucky; amend KRS 294.032, relating to the application for a license and renewals, to include information on the location of the physical office in Kentucky and whether the location is a residence; require photographs of exterior, interior, and exterior sign; require the lease of any nonresidence location to be for a term of at least 1 year; require proof of residence that must confirm the mortgage loan broker owns or leases the residence and lives in the residence as the broker's main residence; require at least 10 days' notice of the address change at the physical office location; amend KRS 294.034 to prohibit the commissioner from approving renewal of a license if the information on office location is not received; increase the license reinstatement fee from one hundred dollars ($100) to two hundred fifty dollars ($250).

     (Prefiled by the sponsor(s))

     Jan 7-introduced in House; to Banking and Insurance (H)
     Jan 10-posted in committee
     Feb 5-reported favorably, 1st reading, to Calendar
     Feb 6-2nd reading, to Rules
     Feb 12-posted for passage in the Regular Orders of the Day for Thursday, February 13, 2003
     Feb 19-recommitted to Appropriations and Revenue (H)

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