KRS 286.8-034: Issuance and renewal of license -- Fees.

(1) (a) In addition to any fee required under subsection (8) of this section, an

applicant for a license under this subtitle shall provide the commissioner with

a check payable to the Kentucky State Treasurer in the following amount:

1. For a mortgage loan company license applicant, two thousand five

hundred dollars ($2,500); or

2. For a mortgage loan broker license applicant, one thousand dollars

($1,000).

(b) The fee required under paragraph (a) of this subsection shall cover the

application fee and the licensing fee for all licensed locations, including any

changes of address.

(2) (a) A license issued between January 1 and September 30 of the same calendar

year shall expire on December 31 of the same calendar year.

(b) A license issued between October 1 and Decem ber 31 of the same calendar

year shall expire on December 31 of the following calendar year.

(3) A license may be renewed by submitting the following:

(a) An annual assessment fee as set forth in subsection (4) of this section;

(b) An annual report of condition to the Nationwide Multistate Licensing System

and Registry, which shall be in such form and contain such information as the

Nationwide Multistate Licensing System and Registry may require; and

(c) Any other information required by the commissioner.

(4) (a) 1. Subject to subparagraph 2. of this paragraph, the annual assessment fee

for a mortgage loan company shall be:

a. Based on the volume of loans funded and the volume of loans

serviced for residential real property located in Kentucky during

the twelve (12) month period ending on September 30; and

b. Determined by applying a factor of one hundredths percent

(0.01%) to the volume of loans funded and the volume of loans

serviced in Kentucky.

2. The annual assessment fee for a mortgage loan company shall not be:

a. Less than one thousand dollars ($1,000); or

b. More than fifteen thousand dollars ($15,000).

(b) The annual assessment fee for a mortgage loan broker shall be one thousand

dollars ($1,000).

(c) The annual assessment fee paid by a mortgage loan company or mortgage

loan broker under this subsection shall cover:

1. The renewal fee for the principal office and any branches; and

2. Any examination-related costs incurred by the department.

(5) (a) The commissioner shall, by ad ministrative regulation or order, adjust the fees

in subsections (1) and (4) of this section every two (2) years.

(b) An adjustment under paragraph (a) of this subsection shall be calculated based

on the percent change in the nonseasonally adjusted annual average Consumer

Price Index for all Urban Consumers (CPI -U), U.S. City Average, All Items,

as published by the United States Bureau of Labor Statistics.

(6) The commissioner shall not approve the renewal of a mortgage loan broker's license

if the commissi oner has not received the information on physical location as

required in KRS 286.8-032(8).

(7) (a) The renewal application, fees, and any required information shall be received

by the commissioner on or before November 30 prior to the December 31

expiration date.

(b) The commissioner may reinstate a license within thirty -one (31) days of the

expiration of the license if the licensee pays:

1. The annual assessment fee; and

2. A reinstatement fee of five hundred dollars ($500).

(c) A license shall not be rei nstated when the renewal application, fees, or any

required information is received on or after February 1 of the following year

that the renewal application was due.

(8) Except as provided in subsection (7)(b) of this section, if an applicant for a licens e

under this subtitle has surrendered a license or allowed a license to expire within

ninety (90) days before submitting the application, the applicant shall, in addition to

any other fee required under this section, pay any annual assessment fees that

remained unpaid at the time the license was surrendered or expired.