(1) The following mortgage loan originators shall be subject to subsections (2) and (3) of this section, but shall be exempt from the registration and regulatory requirements of KRS § 286.8-255:
(a) An individual employed by the following institutions and acting on behalf of such institutions:

Terms Used In Kentucky Statutes 286.8-290

  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • 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
  • Control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Kentucky Statutes 286.8-010
  • Depository institution: means a depository institution as defined in the Federal Deposit Insurance Act, 12 U. See Kentucky Statutes 286.8-010
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Immediate family member: means a spouse, child, sibling, parent, grandparent, or grandchild. See Kentucky Statutes 286.8-010
  • 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
  • Mortgage loan originator: means a natural person who:
    (a) 1. See Kentucky Statutes 286.8-010
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • 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
  • Year: means calendar year. See Kentucky Statutes 446.010

1. A depository institution;
2. A subsidiary that is:
a. Owned and controlled by a depository institution; and
b. Regulated by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, or the Federal Deposit Insurance Corporation; or
3. An institution regulated by the Farm Credit Administration;
(b) A licensed attorney who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a mortgage loan company, mortgage loan broker, or other mortgage loan originator, or by an agent of such company, broker, or other originator;
(c) A natural person who originates a mortgage loan on behalf of an immediate family member of the natural person unless the natural person is compensated in connection with that transaction by a mortgage loan company, mortgage loan broker, or other mortgage loan originator, or by an agent of such company, broker, or other originator;
(d) A natural person who originates a mortgage loan secured by a dwelling that served as the natural person’s residence unless the natural person is compensated in connection with that transaction by a mortgage loan company, mortgage loan broker, or other mortgage loan originator, or by an agent of such company, broker, or other originator;
(e) Any natural person, including all entities owned in whole or part by that natural person, that make no more than four (4) loans each calendar year; and
(f) A person who originates a mortgage loan secured by a dwelling; and
1. Who is exempted by an order of the commissioner; and
2. Whose exemption would not be contrary to the registration requirements of the S.A.F.E. Mortgage Licensing Act, Pub. L. No. 110-289, and amendments thereto.
(2) Notwithstanding any provisions to the contrary set forth in this subtitle, no mortgage loan originator shall impede the commissioner or an examiner of the commissioner from interviewing any person regarding any potential violations of this subtitle.
(3) Notwithstanding any provisions to the contrary set forth in this subtitle, every
mortgage loan originator shall make available and grant access to the commissioner or an examiner of the commissioner the records in the originator’s or processor’s possession or control that are subject to the provisions of this subtitle.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 129, sec. 10, effective July 15, 2016. — Amended
2012 Ky. Acts ch. 95, sec. 3, effective July 12, 2012. — Amended 2011 Ky. Acts ch.
71, sec. 1, effective June 8, 2011. — Amended 2010 Ky. Acts ch. 24, sec. 795, effective July 15, 2010. — Created 2009 Ky. Acts ch. 104, sec. 3, effective June 25,
2009.

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