KRS 286.8-290: Certain mortgage loan originators exempt from specified requirements

of subtitle -- Commissioner's access to records.

(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:

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 co mpensated 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 perso n 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 origi nator, 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.