AN ACT relating to total net income limits on loans secured by a mortgage.

Summary

The bill prohibits mortgage loan originators or exempt persons from originating residential loans in Kentucky if the income they earn from the loan exceeds $2,000 or 4% of the loan amount, whichever is higher. An exception applies when the loan’s total points and fees are below a federal threshold. The rule defines “total net income” to include most fees the originator keeps, but not interest or third‑party fees.

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