KRS 99A.080: Mortgage guaranty fund established.

(1) There is created a mortgage guaranty fund which shall be used by the executive

director for carrying out the provisions of KRS 99A.060 and 99A.070.

(2) The fund shall be credited with such moneys as are appropriated by the General

Assembly thereto, the pre mium charges paid by mortgagees pursuant to KRS

99A.060 less the costs of administration, and contributions.

(3) The mortgage insurance fund shall be used solely as a reserve for insurance

guarantees given under the provisions of this chapter. At no time shall the executive

director permit the aggregate principal amount of the mortgages or rehabilitation

loans, guaranteed by special endorsements issued by issuers, to exceed twenty -five

(25) times the amount in the fund.