{"data":{"id":"us-ky/krs-286.8-030","jurisdiction":"us-ky","citation":"KRS 286.8-030","heading":"Transaction of business prohibited without license -- Effect of issuance of","body":"license -- Unique identifier.\n(1) (a) It is unlawful for any person to transact business in Kentucky, either directly\nor indirectly, as a mortgage loan company or mortgage  loan broker if the\nmortgage loan company or mortgage loan broker is not licensed in accordance\nwith the requirements of this subtitle, unless that person is exempt under KRS\n286.8-020 and, if required by KRS 286.8 -020(3) has timely filed a completed\napplication for a claim of exemption, and the filed application for a claim of\nexemption has been approved by the commissioner.\n(b) It is unlawful for any natural person to make a loan under KRS 286.8 -020(10)\nwithout making the disclosure required by KRS 286.8-020(7).\n(c) It is unlawful for any natural person to transact business in Kentucky, either\ndirectly or indirectly, as a mortgage loan originator, unless otherwise\nexempted, if the mortgage loan originator is not registered in accordance with\nKRS 286.8-255.\n(d) It is unlawful for any mortgage loan company or mortgage loan broker to\nemploy or use a mortgage loan originator if the mortgage loan originator is not\nregistered in accordance with KRS 286.8-255 or otherwise exempted.\n(e) It is unlawful for any mortg age loan company to employ or use, with or\nwithout compensation, a mortgage loan broker if the mortgage loan broker is\nnot licensed in accordance with the requirements of this subtitle unless that\nperson is exempt under KRS 286.8-020 and, if required by KRS 286.8-020(3),\nhas timely filed a completed application for a claim of exemption, and the\nfiled application for a claim of exemption has been approved by the\ncommissioner.\n(2) Neither the fact that a license or registration has been issued nor the fact th at any\nperson, business, or company is effectively registered or licensed, constitutes a\nfinding by the commissioner that any document filed under this subtitle is true,\ncomplete, and not misleading. Nor does such fact directly or indirectly imply\napproval of the registrant or licensee by the commissioner or the Commonwealth of\nKentucky. It is unlawful to make or cause to be made to any prospective customer\nor client any representation inconsistent with this subsection.\n(3) Any mortgage loan company or mort gage loan broker who willfully transacts\nbusiness in Kentucky in violation of subsection (1) of this section shall have no\nright to collect, receive, or retain any interest or charges whatsoever on a loan\ncontract, but the unpaid principal of the loan shall be paid in full.\n(4) Each solicited, attempted, or closed loan shall constitute a separate violation of this\nsection.\n(5) The unique identifier, name, and signature of any person originating a mortgage\nloan shall be clearly shown on the mortgage loan application. It shall be unlawful to\nmake or cause to be made any representations on a mortgage loan application that\nare inconsistent with this subsection. The unique identifier shall also be displayed\non solicitations or advertisements, including business c ards or Web sites, of all\npersons holding themselves out as being able to originate mortgage loans in\nKentucky, and any other document as established by rule, regulation, or order of the\ncommissioner.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=45376","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:14Z","sha256":"f164560083a26ddc3f2fa48f1d645a6645028e7a2e4d35d5ad306cc491449873","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.8-020","next":"us-ky/krs-286.8-032"},"notice":"GroundRules: Original legal text. Not legal advice."}