Kentucky Statutes 286.8-227 – Collection of civil penalties to be deposited in mortgage fraud prosecution fund — Distribution — Administrative regulations
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The commissioner is authorized through the collection of civil penalties or contributions to retain the funds collected for the purpose of depositing the funds into the mortgage fraud prosecution fund created in KRS § 286.8-225. The funds shall be transmitted monthly to the State Treasurer, who shall deposit the funds into the mortgage fraud prosecution fund created in KRS § 286.8-225. The commissioner of the Department of Financial Institutions is responsible for the distribution of the funds in the mortgage fraud prosecution fund and shall, in consultation with the Attorney General and local prosecutors, develop administrative regulations for the use of these funds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 789, effective July 15, 2010. — Amended
2009 Ky. Acts ch. 104, sec. 16, effective June 25, 2009. — Created 2008 Ky. Acts ch.
175, sec. 23, effective April 24, 2008.
Legislative Research Commission Note (6/25/2009). Under the authority of KRS
7.136(1)(h), manifest clerical or typographical errors occurring in 2009 Ky. Acts ch.
104, sec. 16, have been corrected during codification. The “fund” referenced in
Section 16 should be the “mortgage fraud prosecution fund” as established in 2009
Ky. Acts ch. 104, sec. 15. and the word “lending” has been deleted in 2009 Ky. Acts ch. 104, sec. 16, to reflect the correct name of the fund.
Legislative Research Commission Note (4/24/2008). A manifest clerical or typographical error in the first sentence of this statute has been corrected in codification by the Reviser of Statutes under the authority of KRS § 7.136(1)(h).
Effective: July 15, 2010
Terms Used In Kentucky Statutes 286.8-227
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
- Fraud: Intentional deception resulting in injury to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
History: Amended 2010 Ky. Acts ch. 24, sec. 789, effective July 15, 2010. — Amended
2009 Ky. Acts ch. 104, sec. 16, effective June 25, 2009. — Created 2008 Ky. Acts ch.
175, sec. 23, effective April 24, 2008.
Legislative Research Commission Note (6/25/2009). Under the authority of KRS
7.136(1)(h), manifest clerical or typographical errors occurring in 2009 Ky. Acts ch.
104, sec. 16, have been corrected during codification. The “fund” referenced in
Section 16 should be the “mortgage fraud prosecution fund” as established in 2009
Ky. Acts ch. 104, sec. 15. and the word “lending” has been deleted in 2009 Ky. Acts ch. 104, sec. 16, to reflect the correct name of the fund.
Legislative Research Commission Note (4/24/2008). A manifest clerical or typographical error in the first sentence of this statute has been corrected in codification by the Reviser of Statutes under the authority of KRS § 7.136(1)(h).