Kentucky Statutes 286.8-140 – Powers of commissioner
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(1) The commissioner shall exercise general supervision and control over mortgage loan companies and mortgage loan brokers doing business in the Commonwealth of Kentucky.
(2) In addition to the other duties imposed upon him or her by law, the powers and duties of the commissioner shall be:
(a) 1. To promulgate such administrative regulations, forms, and orders as are deemed to be necessary and appropriate to accomplish the basic purposes of and the provisions contained within this subtitle.
2. The commissioner may from time to time make, amend, and rescind such administrative regulations, forms, and orders, including regulations and forms governing applications, registration, reports, and loan disclosure statements and defining any terms, whether or not used in this subtitle, insofar as the definitions are not inconsistent with the provisions of this subtitle.
3. For the purpose of administrative regulations and forms, the commissioner may classify loans, persons, and matters within his or her jurisdiction and prescribe different requirements for different classes.
4. An administrative regulation, form, or order may not be made, amended, or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest and consistent with the purposes fairly intended by the policy and provisions of this subtitle.
5. In promulgating administrative regulations and forms, the commissioner may cooperate with other state and federal agencies with a view to achieving maximum uniformity in the form and content of applications, reports, and loan disclosure statements whenever practical;
(b) To conduct such investigations as may be necessary to determine whether any person has engaged in or is about to engage in any act, practice, or course of conduct constituting a violation of any provision of this subtitle;
(c) To conduct such examinations, investigations, and hearings, in addition to those specifically provided for by law, as may be necessary and proper for the efficient administration of this subtitle; and
(d) 1. At the commissioner’s discretion, to require filings and fees required under this subtitle to be electronically filed with:
a. The State Regulatory Registry, LLC, or its successor organization;
b. The State Regulatory Registry, LLC’s parent, affiliate, or operating subsidiary;
c. Other agencies or authorities that are part of the Nationwide
Multistate Licensing System and Registry; or
d. Other agencies or authorities consistent with the intent of KRS
286.8-285.
2. The commissioner may accept uniform mortgage examinations or other
procedures designed to implement a uniform national mortgage regulatory system or facilitate common practices and procedures among the states.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 125, sec. 8, effective July 14, 2022. — Amended
2010 Ky. Acts ch. 24, sec. 779, effective July 15, 2010. — Amended 2008 Ky. Acts ch. 175, sec. 12, effective April 24, 2008. — Amended 1986 Ky. Acts ch. 461, sec.
16, effective July 15, 1986. — Created 1980 Ky. Acts ch. 365, sec. 15, effective July
15, 1980.
Formerly codified as KRS § 294.140.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
(2) In addition to the other duties imposed upon him or her by law, the powers and duties of the commissioner shall be:
Terms Used In Kentucky Statutes 286.8-140
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Affiliate: means any person who directly or indirectly through one (1) or more intermediaries, controls, is controlled by, or is under common control with another person. See Kentucky Statutes 286.8-010
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Kentucky Statutes 286.8-010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(a) 1. To promulgate such administrative regulations, forms, and orders as are deemed to be necessary and appropriate to accomplish the basic purposes of and the provisions contained within this subtitle.
2. The commissioner may from time to time make, amend, and rescind such administrative regulations, forms, and orders, including regulations and forms governing applications, registration, reports, and loan disclosure statements and defining any terms, whether or not used in this subtitle, insofar as the definitions are not inconsistent with the provisions of this subtitle.
3. For the purpose of administrative regulations and forms, the commissioner may classify loans, persons, and matters within his or her jurisdiction and prescribe different requirements for different classes.
4. An administrative regulation, form, or order may not be made, amended, or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest and consistent with the purposes fairly intended by the policy and provisions of this subtitle.
5. In promulgating administrative regulations and forms, the commissioner may cooperate with other state and federal agencies with a view to achieving maximum uniformity in the form and content of applications, reports, and loan disclosure statements whenever practical;
(b) To conduct such investigations as may be necessary to determine whether any person has engaged in or is about to engage in any act, practice, or course of conduct constituting a violation of any provision of this subtitle;
(c) To conduct such examinations, investigations, and hearings, in addition to those specifically provided for by law, as may be necessary and proper for the efficient administration of this subtitle; and
(d) 1. At the commissioner’s discretion, to require filings and fees required under this subtitle to be electronically filed with:
a. The State Regulatory Registry, LLC, or its successor organization;
b. The State Regulatory Registry, LLC’s parent, affiliate, or operating subsidiary;
c. Other agencies or authorities that are part of the Nationwide
Multistate Licensing System and Registry; or
d. Other agencies or authorities consistent with the intent of KRS
286.8-285.
2. The commissioner may accept uniform mortgage examinations or other
procedures designed to implement a uniform national mortgage regulatory system or facilitate common practices and procedures among the states.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 125, sec. 8, effective July 14, 2022. — Amended
2010 Ky. Acts ch. 24, sec. 779, effective July 15, 2010. — Amended 2008 Ky. Acts ch. 175, sec. 12, effective April 24, 2008. — Amended 1986 Ky. Acts ch. 461, sec.
16, effective July 15, 1986. — Created 1980 Ky. Acts ch. 365, sec. 15, effective July
15, 1980.
Formerly codified as KRS § 294.140.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.