WBK Industry News - State Regulatory Developments

Kentucky Amends its Licensing Provisions

The Kentucky Department of Financial Institutions recently amended (pages 1126-1128), in part, its Consumer Loan Company, Check Cashing and Deferred Deposit Service Business, Mortgage Loan Company, and Mortgage Loan Broker licensing provisions.  The amendments went into effect on November 1, 2019.

The amended provisions provide that applications for a Consumer Loan Company license and a Check Cashing and Deferred Deposit Service Business license must be completed through the NMLS.  Moreover, regarding the initial application for a Mortgage Loan Company license or a Mortgage Loan Broker license, applicants must submit an electronic surety bond, which is available online.  The amended provisions also make various other minor clarifying changes to the licensing and registration rules.