The following items may be of interest to the public and/or the industries DFI regulates:
The examination process for mortgage loan brokers and companies licensed in Kentucky has been enhanced. A document [PDF 89KB] to highlight these changes was sent via e-mail to the NMLS contact provided for all licensed entities on April 1, 2011. For more information, e-mail compliance district manager Gary Davis or call 502-429-3290, ext. 237.
DFI's Division of Securities is conducting four Investment Adviser Town Meetings:
- March 8 in Frankfort
- March 16 in Florence
- March 22 in Louisville
- March 29 in Owensboro
For more information, contact Carmen Bishop.
New administrative regulations for the mortgage industry took effect Dec. 3, 2010, in 808 KAR 12. These regulations are meant to clarify certain requirements related to DFI's implementation of Kentucky's mortgage law changes necessitated by the S.A.F.E. Act.
A 2010 Kentucky Supreme Court ruling in favor of credit unions allows DFI to approve a geographic field of membership or community-based charter. In order to start a new credit union or change a field of membership at an existing credit union, management must submit a proposal to DFI for approval.
Mortgage loan originators and processors were required to pass the national and state tests and submit an electronic background check through NMLS by June 30, 2010. Registrations were suspended for those who did not complete these requirements. Individuals cannot originate or process loans until requirements are met and registration is reinstated. Consumers can use NMLS Consumer Access 
to check the status of an individual's registration.
DFI's 2009 annual report is now available.
On June 11, DFI issued a cease and desist order [PDF 170KB] against a mortgage company called Home Ownership Possibilities for Everyone LLC (HOPE). The company is prohibited from the mortgage industry in Kentucky, including issuing new loans, soliciting or advertising in Kentucky. For more information on what to do if you were in the process of applying for a loan with HOPE, read DFI’s press release. To file a complaint, visit the complaint page or call 800-223-2579.
On Feb. 16, 2010, David G. Rose was sentenced to 52 months in federal prison and ordered to pay almost $3 million in restitution to investors for a scheme involving oil and gas reserves. Rose, 59, has already paid $1 million toward the restitution for 62 victims. He pleaded guilty in July to one count of tax evasion and 21 fraud-related counts. Rose promoted two oil and gas well development projects through EnTerra Energy LLC. The case was prosecuted by Assistant U.S. Attorney James R. Lesousky, and it was investigated by the FBI and the IRS. DFI obtained an agreed order of permanent injunction against EnTerra Energy on July 29, 2005, which can be viewed on our Securities Enforcement Actions page.
For information on DFI's case against Jewell Robbins, visit DFI v. Robbins. Robbins is prohibited from selling securities in Kentucky.