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License Renewal Date: July 1 of this year (2008) only

New law now causes the renewal process to go from November 1 of each year and ends on October 31 of the following year (the education year).

A certificate of registration issued between November 1 and December 31 of the same calendar year will expire on December 31 of the following calendar year.

Of the 12 hours of continuing education required every year, registered mortgage loan brokers and registered loan officers shall complete a minimum of six continuing education hours at least once every two years on the requirements of either KRS Chapter 294 or KRS 360.100 or a combination of both.

Covered Licensees:
A. Mortgage Companies
B. Mortgage Brokers

Domicile Requirements:
Licensed Mortgage Brokers are required to maintain an office in the State of Kentucky.

Financial Regulations:
A. Mortgage Companies must maintain a net worth of at least $500,000.00 (or liquid funds totaling at least $500,000.00) plus a surety bond of at least $100,000.00.
B. Mortgage Brokers must maintain a surety bond for at least $50,000.00.

Licensing Requirements:

Be advised that the Office of Financial Institutions will only accept completed applications for mortgage loan officer registration prior to issuance of a registration. A completed application shall include, pursuant to KRS 294.255, an application form, resume, education certificate, background check, and a fifty dollar ($50.00) registration fee. Affidavits or proof of enrollment will no longer be accepted in lieu of any of the statutory requirements for registration.

A. A Mortgage Company Principal must complete a 30 hour state approved course and pass a test for Pre-Licensure.
B. A Mortgage Broker must complete a 30 hour state approved course and pass a test for Pre-Licensure.
C. All Licensees, including Loan Officers, must have completed 12 hours of state approved continuing education courses annually beginning with the renewal date of July 1, 2004

SPECIAL NOTES:
A. ALL STATE OF KENTUCKY PRE-LICENSE COURSES MUST BE IN A LIVE CLASSROOM SETTING ONLY.
B. ALL STATE OF KENTUCKY CONTINUING EDUCATION COURSES FOR THE CALENDAR YEAR JULY 1, 2003 TO JULY 1, 2004, MUST BE IN A LIVE CLASSROOM SETTING.
C. AFTER JULY 1, 2004, CONTINUING EDUCATION COURSES MAY BE SPLIT AS FOLLOWS:
1. SIX (6) HOURS MUST BE IN A LIVE CLASSROOM SETTING.
2. SIX (6) HOURS MAY BE THROUGH A DISTANCE LEARNING PROVIDER SUCH AS A WEB BASED COURSE.

Mortgage-Education.com is pleased to offer a variety of courses that have been approved by the State of Kentucky to meet continuing education requirements.

* Mortgage-Education.com offers the Pre-License education and testing for the State of Kentucky.

Processors are no longer authorized to transact business in Kentucky unless they are registered in accordance with KRS 286.8.

Processors must register by July 1, 2008. Applications must be submitted via the NMLS Web site.

Mortgage processors who are required to be registered under these statutes must have 12 hours of initial education and 12 hours of continuing education every year thereafter.

Additionally, processors who are required to be registered under these statutes must obtain an FBI Background check. For instructions on obtaining a federal background check, visit the Compliance How to Register page.

Education must now be complete before temporary registration can be issued.

A certificate of registration issued between Jan. 1 and Oct. 31 of the same calendar year will expire on Dec. 31 of the same calendar year. A certificate of registration issued between Nov. 1 and Dec. 31 of the same calendar year will expire on Dec. 31 of the following calendar year.

Due to the new renewal process, the education year begins on Nov. 1 and ends on Oct. 31.

Mortgage loan originators must not provide services to more than one mortgage Loan Company or mortgage loan broker and are subject to the supervision and control of that entity.

Effective Jan. 1, 2010, any person applying for registration shall pass a written examination. Administrative regulations will be promulgated at a later date to issue guidance in this area.

An application and fees may be required by the executive director to be paid by electronic filing to the State Regulatory Registry LLC as part of the NMLS.

The rules surrounding the 30-hour course have slightly changed. Be aware that to be exempt from taking the course the applicant must have been licensed one year in the past five years or be licensed in a state that has education requirements that are equivalent to Kentucky.

Effective Jan. 1, 2009, every entity shall maintain an agent for service of process and the executive director shall be notified in writing at least five days prior to any change in status of an agent for service process.

The executive director may deem an application abandoned when an applicant fails to provide or respond to a request for additional information.

The license expiration date has changed from June 30 to Dec. 31.

Applicants who apply between Nov. 1 of the current year and June 30 of the following year pay an investigation fee of $300 for the principal office and $150 for each branch office plus a license fee of $450 for the principal office and $250 for each branch office.

Applicants who apply between July 1 and Oct. 31 of same year pay an investigation fee of $300 for the principal office and $150 for each branch office plus a license fee of $150 for the principal office and $100 for each branch office.

A license issued between Jan. 1 and Oct. 31 of same year shall expire on Dec. 31 of the same year.

A license issued between Nov. 1 and Dec. 31 of the same year shall expire on Dec. 31 of the following year.

The application, fees and any required information shall be received on or before Nov. 30 prior to the Dec. 31 expiration date. The executive director may reinstate the license within 31 days of the expiration of the license if the licensee pays the filing fee and a reinstatement fee of $250. A license shall not be reinstated if information is received on or after Feb. 1 of the following year that the renewal application was due.