Nondepository Financial Institutions (Compliance) - How to Register
How to Register Entities and Individuals to Sell Nondepository/Compliance Products in Kentucky
Mail correspondence to:
Office of Financial Institutions
1025 Capital Center Drive, Suite 200
Frankfort, KY 40601
NOTE: The downloadable documents on this page can be viewed with Adobe Acrobat Reader or Microsoft Word. If an alternative format is needed, contact Kelly May at 502-573-3390, ext. 252. If you have questions about the documents or procedures, please contact the appropriate person noted in your section.
To search for an entity, visit our Search Page.
Click the links below to go directly to the appropriate section:
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Mortgage Brokers and Companies |
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Mortgage bankers, servicers and brokers are licensed to make, purchase, buy, sell, service and broker Kentucky residential mortgages. If an out-of-state branch is doing Kentucky business, it must be licensed with the Office of Financial Institutions (OFI).
How to License a Mortgage Broker/Company:
NOTE: For faster service, all applications now will be processed online through the Nationwide Mortgage Licensing System (NMLS)  . Paper application forms will no longer be accepted. For more information, read the NMLS Kentucky Overview. Applicants will need a high-speed Internet connection to access the system.
- Read Kentucky Revised Statutes (KRS) 286.8. Many applicants’ questions are answered in the statutes. The statute has been amended by House Bill 552, which was signed into law April 24 and is effective immediately unless otherwise noted in the bill. More information is available on OFI's Mortgage Law Changes page.
- Submit the application form online via NMLS .
- Submit a surety bond.
The license renewal period is moving to a calendar-year basis. Entities must transition to the new system by June 20 this year to extend their license to the new December expiration date. At that time, licensees will pay a discounted renewal fee of $175 for the principal office and $125 for each branch office to cover the period between July 1 and Dec. 31. All entities must then renew by Nov. 30, which is the new annual deadline.
Those submitting new applications shall be required to pay the full licensing fee of $750 for the principal office and $400 for each branch office. For more information, read the executive director's order. [PDF 459K]
If licenses are not renewed by the deadline, there will be a $250 reinstatement fee required.
Documents:
Surety Bond for Mortgage Loan Company [PDF 61K]
Surety Bond for Mortgage Loan Broker [PDF 58K]
Mortgage Loan Company Loan File Checklist [PDF 59K]
Mortgage Loan Broker Loan File Checklist [PDF 60K]
State License Confirmation Form [PDF 45K]
Mortgage Examination Scheduling Policy [PDF 41K]
For More Information:
Contact Pam Fitzgerald by e-mail or at 502-573-3390, ext. 255, with questions regarding applications, licensing, registration or exemptions.
For additional information, please refer to both House Bill 552 and KRS 286.8.
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Companies Filing a Claim of Exemption (HUD and Nonprofit) |
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Mortgage bankers, servicers and brokers approved by HUD shall register their exemption. Exemptions will expire annually on Dec. 31 and must be renewed prior to that.
For more information, read KRS 286.8, as well as House Bill 552, which amends the statute. The bill was signed into law April 24 and is effective immediately unless otherwise noted. More information is available on OFI's Mortgage Law Changes page.
Effective July 12, 2006, HUD-exempt entities (mortgage lenders, brokers and branches) must report annually the number of FHA-insured mortgage loans that were originated on Kentucky properties during the preceding calendar year. For more information, read OFI's HUD-Exempt Entities Compliance Procedures for Changes to KRS 286.8. [PDF 65K]
OFI is currently in the process of filing administrative complaints against those entities that previously held exemptions under HUD and failed to comply with the new HUD exemption requirements. Anyone who receives correspondence on this issue may e-mail ofimortgage.questions@ky.gov.
PLEASE NOTE: Entities that have previously surrendered a HUD exemption or have had a HUD exemption revoked for failure to meet the 12 FHA-insured loan requirement set forth in KRS 286.8-020(4) are not eligible to reapply for another HUD exemption unless the following conditions are met. An entity must become licensed and fund or broker a minimum of 12 FHA-insured loans originated on Kentucky properties in a single calendar year in order to reacquire a HUD exemption once it is surrendered or revoked.
Documents:
HUD Exemption Application [PDF 95K]
HUD Exempt - FHA Loans Report [PDF 45K]
Nonprofit Mortgage Exemption Application [PDF 9K]
For More Information:
Contact Pam Fitzgerald by e-mail or at 502-573-3390, ext. 255, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
For additional information, please refer to both House Bill 552 and KRS 286.8.
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Mortgage Individuals and Processors |
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All loan originators (loan officers) of licensed entities and HUD-approved mortgage companies and/or mortgage brokers are required to be registered. Out-of-state loan officers and brokers assisting Kentucky clients must be registered with OFI. Also, with the passage of HB 552, processors must be registered in order to transact business. Processors must register by July 1, 2008, via NMLS.
How to Register a Loan Officer/Originator:
NOTE: For faster service, all applications now will be processed online through the NMLS . Paper application forms will no longer be accepted. For more information, read the NMLS Kentucky Overview. Applicants will need a high-speed Internet connection to access the system.
- Read KRS 286.8. Many applicants’ questions are answered in the statutes. The statute has been amended by House Bill 552, which was signed into law April 24 and is effective immediately unless otherwise noted in the bill. More information is available on OFI's Mortgage Law Changes page.
- Submit a fingerprint card to the FBI for background check. When you receive the card back from the FBI, submit it, along with any attached report, to OFI.
- Complete 12 hours of continuing education. For a first-time registration, the 12 hours must all be classroom. For a renewal, six hours must be classroom and six may be online.
- Submit the application form online via NMLS .
NOTE: Be aware that effective July 11, 2006, temporary registration certificates will be an option for individuals as a result of House Bill 462. The temporary certificate may be issued while the individual is waiting for the background check.
The registration renewal period is moving to a calendar-year basis. Individuals must transition to the new system by June 20 this year to extend their registration to the new December expiration date. At that time, registrants will pay a discounted renewal fee of $30 to cover the period between July 1 and Dec. 31. All individuals must then renew by Nov. 30, which is the new annual deadline.
Those submitting new applications shall be required to pay the full registration fee of $50. For more information, read the executive director's order. [PDF 459K]
If registrations are not renewed by the deadline, there will be a $250 reinstatement fee required.
You will receive a letter in the mail stating your registration is current. Please retain the letter for your records, as this serves as your proof of registration.
Documents:
Mortgage Examination Scheduling Policy [PDF 41K]
Criminal Background Check Requirements [PDF 72K]
NOTE: Criminal background checks take approximately 14 to 16 weeks for the FBI to process.
Privacy Act Waiver 2003 [PDF 8K]
NOTE: Only submit this form if OFI notifies you it is required after reviewing your application.
For More Information:
Contact Emily Draper by e-mail or at 502-573-3390, ext. 254, with any question regarding applications, licensing, registration or exemptions.
For additional information, please refer to both House Bill 552 and KRS 286.8.
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Consumer and Industrial Loan Companies |
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How to License a Consumer Loan Company:
1. Read KRS 286.4 and the applicable administrative regulations under KAR 808, Chapter 6.
2. Complete the application form. Please complete as specifically instructed and have it signed and notarized. Please answer all questions.
3. Forward State License Confirmation form to states currently licensed and operating in.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
Consumer loan company licenses are renewed annually on Dec. 20, prior to the Dec. 31 expiration. The renewal fee is $400 per location.
How to License an Industrial Loan Company:
1. Read KRS 286.7 and the applicable administrative regulations under KAR 808, Chapter 5.
2. Complete application form. Please complete as specifically instructed and have it signed and notarized. Please answer all questions.
3. Forward State License Confirmation form to states currently licensed and operating in.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
Industrial loan company licenses are renewed annually on Dec. 30, prior to the Jan. 15 expiration. The renewal fee is $300 per location.
Documents:
Consumer Loan License [PDF 61K]
Consumer Loan Annual Report Form [PDF 12K]
Instructions for Consumer Loan Annual Report [PDF 89K]
Consumer Loan Individual Office Report [PDF 20K]
Industrial Loan Annual Report of Condition [PDF 13K]
Industrial Loan Certificate [PDF 1MB]
For More Information:
Contact Rodney Gabbard by e-mail or at 502-573-3390, ext. 251, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
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Check Cashers |
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Check cashers, deferred deposit and/or "payday lenders" are licensed to transact these services in Kentucky.
How to License a Check Casher:
1. Read KRS 286.9 and the applicable administrative regulations under KAR 808, Chapter 9.
2. Complete the application form. Please complete it as specifically instructed and have it signed and notarized. Please answer all questions.
3. Forward State License Confirmation form to states currently licensed and operating in.
4. Obtain either Irrevocable Letter of Credit, Escrow Agreement or account payable to OFI to be used for 286.9-040 requirement.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
The check casher license is renewable annually prior to the June 30 expiration. The renewal fee is $500 per location.
NOTE: OFI has issued an advisory [PDF 115K] to OFI-regulated lenders announcing the Department of Defense's final rule on limitations on consumer credit extended to service members and their dependents.
Documents:
Check Casher/Deferred Deposit License [PDF 78K]
Renewal [PDF 23K]
For More Information:
Contact Rodney Gabbard by e-mail or at 502-573-3390, ext. 251, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
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Money Transmitters |
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How to License a Money Transmitter Company:
1. Read KRS 286.11.
2. Complete the application form. Please complete it as specifically instructed and have it signed and notarized. Please answer all questions.
3. Submit a surety bond.
4. Forward State License Confirmation form to states currently licensed and operating in.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
The money transmitter licenses are renewed annually on Sept. 20, prior to the Sept. 30 expiration date. The renewal fee is $500.
NOTE: If the money transmitter individuals change, a new Money Transmission Business Applicant Individual Background Form must be submitted at that time.
Documents:
Money Transmitters License Application [PDF 360K]
Money Transmission Business Applicant Individual Background Form [PDF 120K]
State License Confirmation Form [PDF 45K]
Money Transmitter License Renewal [PDF 87K]
For More Information:
Contact Rodney Gabbard by e-mail or at 502-573-3390, ext. 251, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
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Mortgage Education Provider |
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Those wishing to begin offering mortgage originator continuing education courses should fill out the following application. Entities and courses must be approved as a continuing education provider/course pursuant to KRS 286.8-.260(5).
Note: Continuing education providers doing business in Kentucky are required to register with the Kentucky State Board for Proprietary Education. Contact the Board at 502-564-3296, ext. 227, regarding its registration requirements.
Documents:
Mortgage Originator Continuing Education Provider/Course Application [PDF 72K]
For More Information:
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding questions about becoming a continuing education provider.
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Office of Financial Institutions
1025 Capital Center Drive
Suite 200
Frankfort, KY 40601
Phone: 502-573-3390
Fax: 502-573-0086
E-mail: kfi@ky.gov
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