{"data":{"id":"us-ky/krs-286.8-032","jurisdiction":"us-ky","citation":"KRS 286.8-032","heading":"Application for license.","body":"(1) A license as a mortgage loan company or a mortgage loan broker may be obtained\nby filing a written application with the commissioner. The commissioner may\nrequire the electronic filing of the application and fees with the State Regulatory\nRegistry, LLC, or  its successor organization; its parent, affiliate, or operating\nsubsidiary; or other agencies or authorities, as part of the nationwide mortgage\nlicensing system, and consistent with the intent found in KRS 286.8-285.\n(2) The application shall:\n(a) Be sworn to;\n(b) State the name of the applicant and each of the applicant's affiliates and\noperating subsidiaries engaged in business as a mortgage loan company or a\nmortgage loan broker;\n(c) State the name under which the applicant will conduct business in Kentucky;\n(d) State the physical address of the applicant's principal office and branch or\nbranches;\n(e) List the name, residence, and business address of each person having an\ninterest in the business as principal, partner, officer, trustee, and director,\nspecifying the capacity and title of each;\n(f) Indicate the general plan and character of the business;\n(g) Contain a corporate surety bond or other instrument as prescribed by KRS\n286.8-060;\n(h) If applying for a mortgage loan broker license, contain a comp iled financial\nstatement of the applicant; or, if applying for a mortgage loan company\nlicense, contain a reviewed or audited financial statement of the applicant\nprepared by a licensed or certified public accountant;\n(i) Include payment of the required fees; and\n(j) Include such other information as the commissioner determines necessary.\n(3) No mortgage loan company license may be granted unless the applicant:\n(a) Has and maintains, so long as the license is in effect, a minimum, documented\nfunding source of one million dollars ($1,000,000);\n(b) Has a net worth in excess of one million dollars ($1,000,000); or\n(c) Has and maintains a net worth in excess of one hundred thousand dollars\n($100,000) and certifies to the commissioner that the company will not make\nor purchase loans secured by mortgages on residential real property located in\nKentucky so long as the license is in effect.\n(4) A license issued to a mortgage loan company or a mortgage loan broker shall entitle\nall officers and employees of the person, if a corporation, and all members, partners,\ntrustees, and employees, if an association, partnership, natural  person, or trust, to\nengage in the mortgage loan business pursuant to this subtitle, subject to the\napplicable requirements of this subtitle.\n(5) If a licensee desires to establish a branch, the licensee shall file an application with\nthe commissioner tha t includes the physical location and telephone number of the\nbranch, the name of the prospective manager, the anticipated opening date, and any\nother information requested by the commissioner.\n(6) Each applicant for a mortgage loan broker license shall hav e at least one (1)\nmanaging principal at all times. This managing principal shall provide the\ncommissioner sufficient proof of a minimum of two (2) years' experience working\nin the mortgage industry. The commissioner shall determine from the application\nwhether an applicant has sufficient experience to meet this requirement. Each\nmortgage loan broker shall obtain written approval from the commissioner prior to a\nchange of managing principal.\n(7) All applicants for a mortgage loan broker license shall have s uccessfully completed\nan educational training course, approved by the department, of not less than thirty\n(30) classroom hours' duration. Applicants who have held a mortgage loan broker\nlicense for at least one (1) year in the past five (5) years shall be exempt from this\nrequirement. This section shall not apply to renewals of existing licenses. Approval\nof an applicant for a mortgage loan broker license under this subsection shall be\nconditioned on the applicant establishing that the district, state, or t erritory from\nwhich the applicant applies, resides, or performs the primary portion of his or her\nmortgage business has rules, regulations, or other provisions which by reciprocity or\ncomity are at least equivalent to this subsection.\n(8) The application f or a mortgage loan broker and mortgage loan company license\nshall state:\n(a) The address of the physical location where the business is to be located in\ncompliance with KRS 286.8 -250 and whether such location is a residence.\nThe physical location where the  mortgage lending process is conducted shall\nhave a street address. A post office box or similar designation shall not meet\nthe requirements of this subsection. The physical location shall be accessible\nto the general public as a place of business, unless the physical location is a\nresidence and proof of residence has been submitted as required by this\nsection. Photographs of the exterior, interior, and exterior sign of each\nlocation shall accompany the application. If the physical location is not a\nresidence and is leased, the lease shall be for a minimum term of one (1) year.\nA copy of the lease and the names of all employees conducting business under\nthe lease shall accompany the application. If the physical location is a\nresidence, proof that the locatio n is a residence, in a form as required by the\ncommissioner, shall accompany the application. Proof of residence shall\nconfirm that the residence is owned or leased by the mortgage loan broker,\nmortgage loan company, or its employees or owners and that the  residence is\nthe main residence of any such persons. Proof of physical location shall\ninclude proof that local zoning requirements are satisfied.\n(b) A mortgage loan company or mortgage loan broker shall notify the\ncommissioner of a change in the location  or name of its business or the\naddition of any branch or branches in writing at least ten (10) days prior to the\nchange.\n(9) On or after January 1, 2009, every mortgage loan company and mortgage loan\nbroker shall maintain an agent for service of process i n the Commonwealth. The\nname, address, telephone number, and electronic mail address of the agent for\nservice of process shall be filed with the application. The commissioner shall be\nnotified in writing at least five (5) days prior to any change in the st atus of an agent\nfor service of process.\n(10) The commissioner may deem an application abandoned when an applicant fails to\nprovide or respond to a request for additional information.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14854","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:14Z","sha256":"ae386b5ec6ad944debc585d961a6610eaaf17d37679de09ec0ca9f6adf69a10f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.8-030","next":"us-ky/krs-286.8-034"},"notice":"GroundRules: Original legal text. Not legal advice."}