§ 286-8-036

286.8 -036 Rules concerning use of license -- Alternate work location. (1) As used in this section: (a) 'Documents': 1. Means documents involved in the mortgage lending process; and 2. Includes but is not limited to: a. Uniform residential loan applic ations or other loan applications; b. Appraisal reports; c. Settlement statements; d. Supporting personal documentation for loan applications, including: i. Form W -2 or other earnings or income statements; ii. Verifications of rent, income, and employment; iii. Bank statements; iv. Tax returns; and v. Payroll stubs; e. Any required mortgage -related disclosures; and f. Any other document required as a part of, or necessary to, the mortgage lending process; and (b) 'Employee' shall include a mortgage loan originator engaged as an independent contractor. (2) Each license issued under this subtitle shall state the: (a) Address or addresses at which business is to be conducted; (b) Name of the licensee; and (c) Date a nd place of its incorporation, if applicable. (3) A license may not be transferred or assigned without the prior written approval of the commissioner.

ducted; (b) Name of the licensee; and (c) Date a nd place of its incorporation, if applicable. (3) A license may not be transferred or assigned without the prior written approval of the commissioner. (4) No licensee shall transact the business provided for by this subtitle under any other name or maintai n an office at any location other than a licensed location or an alternate work location. (5) Every licensed mortgage loan company or mortgage loan broker shall notify the commissioner, in writing, within ten (10) days of the closing of any licensed office or registered Kentucky branch. (6) A licensee may permit employees to engage in the mortgage lending process at an alternate work location if: (a) The licensee has written policies and procedures for supervision of employees working from alternate work lo cations; (b) Access to the licensee's computer systems and customer information is in accordance with the licensee's comprehensive written information technology security plan; (c) Employees are not permitted to conduct in -person customer activities at the alternate work location except as provided in KRS 286.8 -010(2)(b)2.; (d) The licensee ensures that no physical or

an; (c) Employees are not permitted to conduct in -person customer activities at the alternate work location except as provided in KRS 286.8 -010(2)(b)2.; (d) The licensee ensures that no physical or electronic documents are maintained at the alternate work location; and (e) No signage or advertising of the licensee or the mortgage loan or iginator is displayed at any alternate work location. Effective: July 14, 2022 History: Amended 2022 Ky. Acts ch. 125, sec. 3, effective July 14, 2022. -- Amended 2016 Ky. Acts ch. 129, sec. 11, effective July 15, 2016. -- Amended 2010 Ky. Acts ch. 24, sec . 767, effective July 15, 2010. -- Amended 1998 Ky. Acts ch. 197, sec. 5, effective July 15, 1998. -- Created 1986 Ky. Acts ch. 461, sec. 6, effective July 15, 1986. Formerly codified as KRS 294.036. Legislative Research Commission Note (7/14/2022). Under the authority of KRS 7.136(1), the format of subsection (6) of this statute was changed in order to correct a formatting error that occurred in 2022 Ky. Acts ch. 125, sec. 3. The words in the text were not changed. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs.

matting error that occurred in 2022 Ky. Acts ch. 125, sec. 3. The words in the text were not changed. 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 hav e been adjusted to conform with the 2006 renumbering of that code.