SB41 - Kentucky: Banks and Financial Institutions, Housing, Building, and Construction, Loans and Credit, State Agencies

Create a new section of KRS Chapter 198A to establish the Kentucky Homeownership Protection Center; specify the purpose of the center is, among other things, to provide a centralized location for information on, and referral to, public services available to assist a homeowner who is in default on his or her loan; require the center to provide a toll-free telephone number through which a homeowner in financial distress can receive information on the center and its services, a list of counseling agencies, a list of available community resources, staff who can provide a brief assessment of the situation of the homeowner, and applications for public assistance or benefits programs; create new sections of Subtitle 2 of KRS Chapter 286 to require a mortgagee, at the time of closing, to provide to the homeowner a plain language statement which includes a counseling statement, a listing of at least five housing counseling agencies, a list of toll-free telephone numbers for certain programs, contact [...]

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