Section 286.8-034 - Issuance and renewal of license - Fees(1)(a) An applicant for a license under this subtitle shall provide the commissioner with a check payable to the Kentucky State Treasurer for five thousand dollars ($5,000).(b) The fee required under paragraph (a) of this subsection shall cover the application fee and the licensing fee for all licensed locations, including any changes of address.(2)(a) A license issued between January 1 and September 30 of the same calendar year shall expire on December 31 of the same calendar year.(b) A license issued between October 1 and December 31 of the same calendar year shall expire on December 31 of the following calendar year.(3) A license may be renewed by submitting the following:(a)1. An annual assessment fee.2. Subject to subparagraph 3. of this paragraph, the annual assessment fee required under subparagraph 1. of this paragraph shall:a. Be based on the volume of loans originated and the volume of loans serviced for residential real property located in Kentucky during the twelve (12) month period ending on September 30;b. Be determined by applying a factor of one hundred twenty-five ten-thousandths percent (0.0125%) to the volume of loans originated and the volume of loans serviced in Kentucky; and c. Cover: i. The renewal fee for the principal office and any branches; andii. Any examination-related costs incurred by the department.3. The annual assessment fee shall not be:a. Less than one thousand five hundred dollars ($1,500); orb. More than fifteen thousand dollars ($15,000);(b) An annual report of condition to the Nationwide Multistate Licensing System and Registry, which shall be in such form and contain such information as the Nationwide Multistate Licensing System and Registry may require; and(c) Any other information required by the commissioner.(4)(a) The commissioner shall, by administrative regulation or order, adjust the fees in subsections (1) and (3)(a) of this section every two (2) years.(b) An adjustment under paragraph (a) of this subsection shall be calculated based on the percent change in the nonseasonally adjusted annual average Consumer Price Index for all Urban Consumers (CPI-U), U.S. City Average, All Items, as published by the United States Bureau of Labor Statistics.(5) The commissioner shall not approve the renewal of a mortgage loan broker's license if the commissioner has not received the information on physical location as required in KRS 286.8-032(8).(6)(a) The renewal application, fees, and any required information shall be received by the commissioner on or before November 30 prior to the December 31 expiration date.(b) The commissioner may reinstate a license within thirty-one (31) days of the expiration of the license if the licensee pays the assessment fee and a reinstatement fee of five hundred dollars ($500).(c) A license shall not be reinstated when the renewal application, fees, or any required information is received on or after February 1 of the following year that the renewal application was due.Amended by 2022 Ky. Acts ch. 125,§ 2, eff. 7/13/2022.Amended by 2016 Ky. Acts ch. 129,§ 3, eff. 7/14/2016.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 766, effective7/15/2010. -- Amended 2009, Ky. Acts ch. 104, sec. 6, effective 6/25/2009. -- Amended 2008, Ky. Acts ch. 175, sec. 8, effective 4/24/2008. -- Amended 2006, Ky. Acts ch. 218, sec. 12, effective 7/12/2006. -- Amended 2003, Ky. Acts ch. 64, sec. 5, effective 6/24/2003. -- Amended 1998, Ky. Acts ch. 197, sec. 4, effective 7/15/1998. -- Amended 1994 Ky. Acts ch. 377, sec. 1, effective 7/15/1994. -- Created 1986 Ky. Acts ch. 461, sec. 5, effective 7/15/1986.