--- title: "Late Fee Updates: Kentucky Licensing Enhancement" description: Join the First American network of trusted title agents with comprehensive tools and resources. --- - Solutions - [Overview](https://docutech.com/solutions/) - [Document Solutions](https://docutech.com/solutions/document-solutions) - [eClosing](https://docutech.com/solutions/eclosing/) - [Document Generation](https://docutech.com/solutions/document-generation) - [Fulfillment](https://docutech.com/solutions/solutions-fulfillment) - Resources - [Overview](https://docutech.com/resources/) - [Solution Briefs](https://docutech.com/resources/solution-briefs) - [Request a Demo](https://docutech.com/docutech-request-a-demo) - [Compliance](https://docutech.com/resources/compliance) - [Blog](https://blog.docutech.com) - Partners - [Overview](https://docutech.com/partners/) - About Us - [Overview](https://docutech.com/about-us/) - [Contact Us](https://docutech.com/about-us/contact-us) - Let's Talk - Solutions - [Overview](https://www.docutech.com/solutions?hsLang=en) - [Document Solutions](https://www.docutech.com/solutions/document-solutions?hsLang=en) - [eClosing](https://www.docutech.com/solutions/eclosing?hsLang=en) - [Document Generation](https://www.docutech.com/solutions/document-generation?hsLang=en) - [Fulfillment](https://www.docutech.com/solutions/solutions-fulfillment?hsLang=en) - Resources - [Overview](https://www.docutech.com/resources?hsLang=en) - [Solution Briefs](https://www.docutech.com/resources/solution-briefs?hsLang=en) - [Request a Demo](https://www.docutech.com/docutech-request-a-demo?hsLang=en) - [Compliance](https://www.docutech.com/resources/compliance?hsLang=en) - [Blog](https://blog.docutech.com/) - Partners - [Overview](https://www.docutech.com/partners?hsLang=en) - About Us - [Overview](https://www.docutech.com/about-us?hsLang=en) - [Contact Us](https://www.docutech.com/about-us/contact-us?hsLang=en) # Late Fee Updates: Kentucky Licensing Enhancement Apr 18, 2024 Topics: [Document Updates](https://compliance.docutech.com/tag/document-updates) There are two statutes that authorize lenders in Kentucky; a general licensing statute for mortgage loan brokers and mortgage loan companies (found in Ky. Rev. Stat. § 286.8-010 *et seq*.), and the consumer loan company statute (Ky. Rev. Stat. § 286.4-410 *et seq*.). The scope of the general licensing statute allows lenders to provide loans for any loan amount, whereas the consumer loan company statute can only be applied to loans of $15,000 or less \[KRS 286.4-410(1)(b)\]. If the loan is subject to the consumer loan company licensing statute, the late fee limitation is 2% \[KRS 286.4-530(4)\]; otherwise the late fee limitation is 5% under the general statute \[KRS 286.8.030(1)(a)\]. In order to provide lenders the option to use either license type for loan amounts under $15,000, we have created field 187639 “Kentucky License Type” that can be mapped to trigger the general licensing late fee limitation of 5%. Our default will continue to be the more conservative 2% for the consumer loan company late fee limitation. Clients who are using our Late Charge Defaults and wish to apply the 5% late charge limitation to loans of $15,000 or less can map field 187639 to ‘1’ (Mortgage Loan Company/Broker License). These changes are available for testing on Stage & Stage 2 servers and will take effect on April 25, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584. *COM-4095* ###### The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action. [Return to Blog](https://compliance.docutech.com) ### Stay informed. --- Subscribe to emails to get notified when new content is published. ### Category / Topics [Document Updates](https://compliance.docutech.com/tag/document-updates) ### Recent Posts #### [Document Updates: Washington Foreclosure Prevention Fee Disclosure (Cx28412)](https://compliance.docutech.com/document-updates-washington-foreclosure-prevention-fee-disclosure-cx28412-1) Apr 18, 2024 #### [Document Updates: New Nebraska Net Tangible Benefit Disclosure (Cx29105)](https://compliance.docutech.com/document-updates-new-nebraska-net-tangible-benefit-disclosure-cx29105) Apr 18, 2024 #### [Document Updates: Request for a Certificate of Eligibility for VA Home Loan Benefits (Cx26687)](https://compliance.docutech.com/document-updates-request-for-a-certificate-of-eligibility-for-va-home-loan-benefits-cx26687) Apr 18, 2024 The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action. 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