{"data":{"id":"us-ky/krs-367.380","jurisdiction":"us-ky","citation":"KRS 367.380","heading":"Definitions for KRS 367.380 to 367.389.","body":"As used in KRS 367.380 to 367.389:\n(1) \"Advance fee\" means any consideration which is assessed or collected, prior to the\nclosing of a loan, by a loan broker;\n(2) \"Affiliate\" means any person who directly or indirectly, through one (1) or more\nintermediaries, controls, is controlled by, or is u nder common control with another\nperson;\n(3) \"Borrower\" means a person obtaining or desiring to obtain a loan of money, a credit\ncard, or a line of credit;\n(4) (a) \"Loan broker\" means any person, not exempt under paragraph (b), who:\n1. For or in expectatio n of consideration arranges, attempts to arrange, or\noffers to fund a loan of money, a credit card, or a line of credit;\n2. For or in expectation of consideration assists, or advises a borrower in\nobtaining or attempting to obtain a loan of money, a credit card, a line of\ncredit, or related guarantee, enhancement, or collateral of any kind or\nnature;\n3. Acts for or on behalf of a loan broker for the purpose of soliciting\nborrowers; or\n4. Holds himself out as a loan broker.\n(b) The following persons shall not be considered loan brokers under paragraph\n(a):\n1. A bank; savings and loan association; trust com pany; credit union;\nconsumer loan company; investment company; securities broker -dealer,\nagent, or investment adviser; real estate broker or sales associate;\nattorney; Federal Housing Administration or United States Department\nof Veterans Affairs approved lender; credit card company; mortgage\nloan company; mortgage loan broker; public utility; insurance company;\nor insurance agent, solicitor, consultant, motor vehicle manufacturer, or\nmotor vehicle dealer, if it is licensed by and subject to regulation or\nsupervision of an agency, commission, or department of the United\nStates or the Commonwealth, and if it is acting within the scope of its\nlicense, permit, or registration or with express written authority from the\nregulatory or supervising agency. Subsidiar ies of licensed or chartered\nconsumer loan companies, banks, or savings and loan associations are\nnot loan brokers;\n2. A person extending or arranging credit, or offering to extend or arrange\ncredit, to a partnership or corporation exclusively for commerci al or\nbusiness purposes;\n3. A depository financial institution chartered or licensed by an agency,\ncommission, or department of another state, if the funds on deposit with\nthe institution are insured by the Federal Deposit Insurance Corporation;\n4. An affiliate of a person listed in subparagraph 2; or\n5. A bona fide seller or lessor of goods, services, or interests in real estate\nin a transaction in which the seller or lessor extends, arranges, or offers\nto extend or arrange credit that is to be used exclus ively for financing\nthe purchase or lease or for services performed by an independent third\nparty directly related to the purchase or lease. A transaction shall not be\nexempt under this subparagraph if the purchaser or lessee receives, or is\nto receive, a cash advance or consolidation loan in addition to the\nfinancing; and\n(5) \"Principal\" means any officer, director, partner, joint venturer, branch manager, or\nother person with similar managerial or supervisory responsibilities for a loan\nbroker.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55171","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:03Z","sha256":"4f466a3d4e88ea84de2d43faa0c4de737c44b6342ed0357bd357698d1de956dd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.379","next":"us-ky/krs-367.381"},"notice":"GroundRules: Original legal text. Not legal advice."}