Kentucky Statutes 286.8-070 – Company name
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(1) The use of the words “certified” or “licensed” or any form thereof separately or in any combination thereof with other words or syllables, is prohibited as part of the name of a mortgage loan company or a mortgage loan broker. No license of a proposed mortgage loan company or a mortgage loan broker having the same name as a corporation authorized to do business under the laws of this state or a name so nearly resembling it as to be calculated to deceive shall be issued by the commissioner.
(2) No person, unless lawfully authorized to do business in this state under the provisions of this subtitle, and actually engaged in carrying on a mortgage loan or loan broker business, shall do business under any name or title which contains the terms “mortgage company,” “mortgage loan company,” “mortgage loan broker,” “loan broker,” “financial broker,” or any combination employing the words “mortgage,” “loan,” or “broker,” with one (1) or more of the words “association,” “institution,” “society,” “company,” “corporation,” or words of similar import, or use any name or represent in any manner which indicates or reasonably implies that his or its business is that of a mortgage loan company or mortgage loan broker as defined by KRS § 286.8-010.
(3) A mortgage loan company or mortgage loan broker required to have a license under this subtitle shall not use the words “bank,” “trust,” “national,” or “federal,” or any form thereof separately or in combination thereof with other words or syllables as a part of its name or to otherwise identify itself.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 772, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 197, sec. 7, effective July 15, 1998. — Amended 1986 Ky. Acts ch.
461, sec. 8, effective July 15, 1986. — Created 1980 Ky. Acts ch. 365, sec. 8, effective July 15, 1980.
Formerly codified as KRS § 294.070.
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.
Legislative Research Commission Note. The word “licensed” has been substituted for “registered” and the word “license” has been substituted for “registration certificate” in subsection (1) in order to be consistent with other changes made by Acts 1986, ch.
461.
(2) No person, unless lawfully authorized to do business in this state under the provisions of this subtitle, and actually engaged in carrying on a mortgage loan or loan broker business, shall do business under any name or title which contains the terms “mortgage company,” “mortgage loan company,” “mortgage loan broker,” “loan broker,” “financial broker,” or any combination employing the words “mortgage,” “loan,” or “broker,” with one (1) or more of the words “association,” “institution,” “society,” “company,” “corporation,” or words of similar import, or use any name or represent in any manner which indicates or reasonably implies that his or its business is that of a mortgage loan company or mortgage loan broker as defined by KRS § 286.8-010.
Terms Used In Kentucky Statutes 286.8-070
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on residential real property or any loan primarily for personal, family, or household use that is secured by collateral that has a mortgage lien interest in residential real property. See Kentucky Statutes 286.8-010
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan broker: means any person who for compensation or gain, or in the expectation of compensation or other gain, received directly or indirectly, serves as an agent for any borrower in an attempt to obtain a mortgage loan, or holds oneself out as being able to do so. See Kentucky Statutes 286.8-010
- Mortgage loan company: means any person who directly or indirectly:
(a) Makes, purchases, or sells mortgage loans, or holds oneself out as being able to do so. See Kentucky Statutes 286.8-010 - 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
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(3) A mortgage loan company or mortgage loan broker required to have a license under this subtitle shall not use the words “bank,” “trust,” “national,” or “federal,” or any form thereof separately or in combination thereof with other words or syllables as a part of its name or to otherwise identify itself.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 772, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 197, sec. 7, effective July 15, 1998. — Amended 1986 Ky. Acts ch.
461, sec. 8, effective July 15, 1986. — Created 1980 Ky. Acts ch. 365, sec. 8, effective July 15, 1980.
Formerly codified as KRS § 294.070.
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.
Legislative Research Commission Note. The word “licensed” has been substituted for “registered” and the word “license” has been substituted for “registration certificate” in subsection (1) in order to be consistent with other changes made by Acts 1986, ch.
461.