Kentucky Statutes 99A.080 – Mortgage guaranty fund established
Current as of: 2024 | Check for updates
|
Other versions
(1) There is created a mortgage guaranty fund which shall be used by the executive director for carrying out the provisions of KRS § 99A.060 and KRS § 99A.070.
(2) The fund shall be credited with such moneys as are appropriated by the General
Assembly thereto, the premium charges paid by mortgagees pursuant to KRS
99A.060 less the costs of administration, and contributions.
(3) The mortgage insurance fund shall be used solely as a reserve for insurance guarantees given under the provisions of this chapter. At no time shall the executive director permit the aggregate principal amount of the mortgages or rehabilitation loans, guaranteed by special endorsements issued by issuers, to exceed twenty-five (25) times the amount in the fund.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 174, sec. 9, effective July 13, 1984.
(2) The fund shall be credited with such moneys as are appropriated by the General
Terms Used In Kentucky Statutes 99A.080
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Rehabilitation: means the process of returning a structure to a state of utility through repair or alteration which makes possible an efficient contemporary use while preserving those portions or features of the property which are significant to historical, architectural, and cultural values. See Kentucky Statutes 99A.010
Assembly thereto, the premium charges paid by mortgagees pursuant to KRS
99A.060 less the costs of administration, and contributions.
(3) The mortgage insurance fund shall be used solely as a reserve for insurance guarantees given under the provisions of this chapter. At no time shall the executive director permit the aggregate principal amount of the mortgages or rehabilitation loans, guaranteed by special endorsements issued by issuers, to exceed twenty-five (25) times the amount in the fund.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 174, sec. 9, effective July 13, 1984.