Section 286.8-270 - Duties of mortgage loan broker - Advanced disclosure of fee required(1) A mortgage loan broker shall comply with the following duties: (a) A mortgage loan broker shall exercise good faith and fair dealing, shall act in the best interest of the borrower, and shall not compromise a borrower's right or interest in favor of another's right or interest;(b) A mortgage loan broker shall disclose to borrowers all material facts of which the mortgage loan broker has knowledge that might reasonably affect the borrower's rights, interests, or ability to receive the borrower's intended benefit from the residential mortgage loan; and(c) A mortgage loan broker shall provide a written accounting to a borrower for all the borrower's money and property received by the broker.(2) Nothing in this section shall prohibit a mortgage loan broker from contracting for or collecting a fee for services rendered from the borrower or lender if the fee has been properly disclosed to the borrower in advance of providing of such services.Effective:4/24/2008
Amended 2008, Ky. Acts ch. 175, sec. 19, effective4/24/2008. -- Created 2003, Ky. Acts ch. 64, sec. 9, effective 6/24/2003.