Kentucky passed a bill repealing the registration requirement for mortgage loan processors under the Mortgage Licensing and Regulation Act (MLRA). Under the bill, a mortgage loan processor is no longer required to obtain a certificate of registration under the MLRA. However, mortgage loan processors must continue to annually complete 12 hours of continuing education and continue to demonstrate financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the loan processor will operate honestly, fairly, lawfully, and efficiently within the purposes of the MLRA. In addition, the bill requires a mortgage loan processor’s supervising mortgage loan company or loan broker to be able to provide proof that the mortgage loan processor is in compliance with these provisions. The bill becomes effective July 14, 2016.
See Kentucky Legislature website for the full text of the Statutes:
