Kentucky SB157 sets limits on total net income for mortgage loans.

Kentucky SB157 amends the Kentucky Revised Statutes to establish limits on total net income for loans secured by a mortgage. The bill defines "total net income" as fees, income, or compensation collected by the licensee or an affiliate, including origination fees and broker fees. It excludes interest on the mortgage loan and fees paid to unaffiliated third parties. The Act applies to contracts entered into after its effective date.

Kentucky SB157 sets limits on total net income for mortgage loans.

Kentucky SB157 amends the Kentucky Revised Statutes to establish limits on total net income for loans secured by a mortgage. The bill defines "total net income" as fees, income, or compensation collected by the licensee or an affiliate, including origination fees and broker fees. It excludes interest on the mortgage loan and fees paid to unaffiliated third parties. The Act applies to contracts entered into after its effective date.