Kentucky Statutes 286.4-535 – Closing costs collectible when liens on real estate taken as security
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Notwithstanding the provisions of KRS § 286.4-530(10) or of any other law, in any extension of credit pursuant to KRS § 286.4-420 to KRS § 286.4-991 wherein the licensee shall take a lien on real estate for security for any loan under this subtitle, the licensee may charge and collect the following closing costs if they are bona fide, reasonable in amount and not for the purpose of circumvention or evasion of the provisions of this subtitle:
(1) Fees or premiums for title examination, abstract of title, title insurance, survey, or similar purposes, if not paid to the lender or a person related to the lender;
(2) Fees for preparation of a deed, settlement statement, or other document, if not paid to the lender or a person related to the lender;
(3) Escrows for future payment of taxes, including assessments for improvements, insurance, and water, sewer and land rents;
(4) Fees for notarizing deeds and other documents, if not paid to the lender or a person related to the lender;
(5) Appraisal fees, if not paid to the lender or a person related to the lender.
Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 53, sec. 7, effective July 15,1982.
Formerly codified as KRS § 288.535.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
(1) Fees or premiums for title examination, abstract of title, title insurance, survey, or similar purposes, if not paid to the lender or a person related to the lender;
Terms Used In Kentucky Statutes 286.4-535
- Appraisal: A determination of property value.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.4-410
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
(2) Fees for preparation of a deed, settlement statement, or other document, if not paid to the lender or a person related to the lender;
(3) Escrows for future payment of taxes, including assessments for improvements, insurance, and water, sewer and land rents;
(4) Fees for notarizing deeds and other documents, if not paid to the lender or a person related to the lender;
(5) Appraisal fees, if not paid to the lender or a person related to the lender.
Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 53, sec. 7, effective July 15,1982.
Formerly codified as KRS § 288.535.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.