02RS HB234


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HB 234/FN (BR 1391) - R. Damron

     AN ACT relating to office location of mortgage loan brokers.
     Create a new section of KRS Chapter 294 to define "physical office" and require each licensed mortgage loan broker to maintain a physical office in Kentucky; allow 90 day period for compliance by brokers licensed on the effective date of the Act who do not currently maintain a physical office in Kentucky; amend KRS 294.032, relating to the application for a license and renewals, to include information on the location of the physical office location in Kentucky and whether the location is a residence; require photographs of exterior, interior, and exterior sign; require the lease of any nonresidence location to be for a term of at least 1 year; require proof of residence that must confirm the mortgage loan broker owns or leases the residence and lives in the residence as the broker's main residence; require at least 10 days' notice of the address change at the physical office location; amend KRS 294.034 to prohibit the commissioner from approving renewal of a license if the information on office locations is not received.

     Jan 8-introduced in House
     Jan 9-to Banking and Insurance (H)
     Jan 10-posted in committee
     Jan 30-reported favorably, 1st reading, to Calendar
     Jan 31-2nd reading, to Rules; recommitted to Appropriations and Revenue (H)
     Feb 8-posted in committee
     Feb 26-reported favorably, to Rules
     Mar 5-posted for passage in the Regular Orders of the Day for Wednesday, March 6, 2002
     Mar 11-3rd reading, passed 87-7
     Mar 12-received in Senate
     Mar 15-to Banking and Insurance (S)

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