14RS HB553
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HB553

14RS

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HB 553 (BR 1964) - T. Thompson

     AN ACT relating to mortgage loans.
     Amend KRS 286.3-060 toclarify that a bank director or officer may be a man or woman.

HB 553 - AMENDMENTS


     HCS - Delete original provision and add and amend provisions of KRS 286.8 relating to registration and licensing of persons engaged in mortgage lending to delete the requirement for registration of mortgage loan processors who are directed and supervised by a mortgage loan originator, but retain registration requirements for mortgage loan processors who engage in the mortgage lending process as an independent contractor and require registration of underwriters who engage in the mortgage lending process as an independent contractor; amend KRS 286.8-034 to delete the requirement that the commissioner provide a duplicate copy of a license to a licensee for a fee of $10; create a new section of KRS 286.8 to prohibit a mortgage loan processor or underwriter to indicate that he or she can or will perform any activities of a mortgage loan originator or underwriter if he or she is not registered or authorized to act as a mortgage loan originator; amend KRS 286.8-250 to delete the requirement that a mortgage loan broker prominently display the license certificate at his or her physical location; amend KRS 286.8-255 to delete the requirement that the commissioner provide a duplicate copy of a registration to a registrant for a fee of $10; amend KRS 286.8-260 to reduce from 4 hours to 1 hour per year the required number of hours of continuing education for registrants on the requirements of KRS 286.8 and of KRS 360.100 relating to the state's legal interest rate; and amend KRS 286.8-255 to require mortgage loan originators to grant access to any records of which the originator has actual or constructive possession or control, rather than possession or control, to the commissioner or the commissioner's examiner.
     HCA (1/Title, T. Thompson) - Make title amendment.

     Mar 4-introduced in House
     Mar 5-to Banking & Insurance (H)
     Mar 6-posted in committee
     Mar 12-reported favorably, 1st reading, to Consent Calendar with Committee Substitute, committee amendment (1-title)
     Mar 13-2nd reading, to Rules; taken from Rules; placed in the Consent Orders of the Day for Monday, March 17, 2014
     Mar 17-3rd reading, passed 94-0 with Committee Substitute, committee amendment (1-title)
     Mar 18-received in Senate
     Mar 19-to Banking & Insurance (S)
     Mar 21-taken from Banking & Insurance (S); 1st reading; returned to Banking & Insurance (S)
     Mar 24-taken from Banking & Insurance (S); 2nd reading; returned to Banking & Insurance (S)

Vote History
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