There is hereby created in the State Treasury a trust and revolving fund designated as the “mortgage fraud prosecution fund.” All civil penalties or contributions directed by the commissioner to be transmitted to the mortgage fraud prosecution fund shall be deposited into the fund. Expenditures from the fund may be used for the investigation and criminal prosecution of fraudulent activities within the residential mortgage lending process, training related to prevention, detection, and investigation of mortgage fraud, and consumer education related to mortgage fraud. Only the commissioner of the Department of Financial Institutions or the commissioner’s designee may authorize expenditures from the account. The money deposited in the fund is hereby appropriated for the uses set forth in this section. Notwithstanding KRS § 45.229, any money remaining in the fund at the close of any fiscal year shall not lapse but shall be carried forward to the next fiscal year. The fund may also receive additional state appropriations, gifts, grants, contributions, and federal funds. All interest earned on money in the fund shall be credited to the fund.
Effective: July 15, 2010

Terms Used In Kentucky Statutes 286.8-225

  • Commissioner: means the commissioner of the Department of Financial
    Institutions. See Kentucky Statutes 286.1-010
  • Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Amended 2010 Ky. Acts ch. 24, sec. 788, effective July 15, 2010. — Amended
2009 Ky. Acts ch. 104, sec. 15, effective June 25, 2009. — Created 2008 Ky. Acts ch.
175, sec. 22, effective April 24, 2008.

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