UNOFFICIAL COPY 24 RS BR 2247
Page 1 of 1
XXXX 2/21/2024 6:12 PM Jacketed
AN ACT relating to the regulation of the mortgage loan industry. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
ď˘Section 1. KRS 286.8-075 is amended to read as follows: 3
(1) As used in this section, "change of control" means: 4
(a) A transfer of voting stock which results in giving a person, directly or 5
indirectly, the power to direct the management and policy of a mortgage loan 6
company or mortgage loan broker; or 7
(b) A transfer of at least ten percent (10%) of the outstanding voting stock of a 8
mortgage loan company or a mortgage loan broker. 9
(2) A transfer of voting stock of a mortgage loan company or mortgage loan broker 10
which constitutes a change of control shall be approved in writing by the 11
commissioner, prior to the transfer. 12
(3) The owner, president, chief executive officer or a partner shall apply to the 13
commissioner for approval of a transfer of voting stock in his or her mortgage loan 14
company or mortgage loan broker which constitutes a change of control. The 15
application shall[must] contain information which shows that the requirements of 16
this subtitle for obtaining a license will be satisfied after the change of control. 17