{"data":{"id":"us-ky/krs-286.8-285","jurisdiction":"us-ky","citation":"KRS 286.8-285","heading":"Participation in Nationwide Multistate Licensing System and Registry --","body":"Duties -- Reporting.\n(1) (a) In addition to other duties imposed upon the commissioner in this subtitle, the\ncommissioner shall be authorized to:\n1. Participate in the Nationwide Multistate Licensing System and Registry;\nand\n2. Implement and comply with the minimum requirements set forth in the\nS.A.F.E. Mortgage Licensing Act, 12 U.S.C. sec. 5101 et seq., as\namended.\n(b) For such purpose, the commissioner is authorized t o waive or modify, in\nwhole or in part, by regulation or by order, any or all of the requirements of\nthis subtitle and to establish new requirements as reasonably necessary to\ncarry out the purpose of this section.\n(c) The commissioner shall have authority  to establish relationships or contracts\nwith other governmental agencies, the Nationwide Multistate Licensing\nSystem and Registry, or entities affiliated with the system that are necessary to\ncarry out the purpose of this section.\n(d) The commissioner may  use the Nationwide Multistate Licensing System and\nRegistry as an agent for receiving, requesting, and distributing information to\nand from any source so directed by the commissioner.\n(2) The commissioner shall establish a process whereby licensees may ch allenge\ninformation entered into the Nationwide Multistate Licensing System and Registry\nby the commissioner.\n(3) The commissioner shall annually request audited financial reports, including\ninquiring as to the budget and fees collected, both proposed and actual, from the\nNationwide Multistate Licensing System and Registry.\n(4) The commissioner shall annually request any nonconfidential protocols or reports\nfor the security and safeguarding of personal information maintained by the\nNationwide Multistate Licensing System and Registry, including the following:\n(a) Inquiring as to whether the system has implemented and complied with the\ndata security guidelines set forth in the Gramm -Leach-Bliley Act, 15 U.S.C.\nsec. 6801;\n(b) Inquiring as to the results of any nonconfidential periodic data protection\naudits that the system may conduct; and\n(c) Inquiring as to whether any security breaches have occurred resulting in the\nsubstantial likelihood that personal information may be misused or stolen.\n(5) The commissioner shall annually request from the Nationwide Multistate Licensing\nSystem and Registry the following statistical information, if available, relating to\nthe examinations taken by applicants seeking registration as a loan originator in\nKentucky during the preceding calendar year:\n(a) The total number of tested individuals, along with any relevant demographic\ninformation available such as race, ethnicity, or gender;\n(b) The total number of individuals who received a passing score on the\nexamination, along with any relevant demographic information available such\nas race, ethnicity, or gender;\n(c) The total number of individuals who did not receive a passing score on the\nexamination, along with any relevant demographic information available such\nas race, ethnicity, or gender; and\n(d) All mean, average, or scaled scoring data.\n(6) When requested by the General Assembly, the commissioner shall review and\nreport to the General Assembly the content of any information received from the\nNationwide Multista te Licensing System and Registry pursuant to subsection (3),\n(4), or (5) of this section.\n(7) Notwithstanding any provision to the contrary in this subtitle or in KRS Chapter 61,\nthe commissioner shall regularly report violations of this subtitle, as well as\nenforcement actions and other relevant information, to the Nationwide Multistate\nLicensing System and Registry.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52860","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:14Z","sha256":"5d1c058ae1b259d16939f4be2de2228a76396f2403db612e3a8f301630571471","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.8-280","next":"us-ky/krs-286.8-290"},"notice":"GroundRules: Original legal text. Not legal advice."}