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A
It's
a
record
this
session,
so
we're
always
glad
of
that
appreciate
everybody's
work
and
we'll
have
the
first
bill.
I
guess
we
need
to
let
the
secretary
call
the
roll
first.
C
A
D
A
D
And
all
the
sub
does
is
basically
remove
the
10-day
requirement
to
deposit
the
check
after
the
date
of
the
settlement.
Okay.
So
this
the
purpose
of
this
bill
is
to
allow
parents
or
other
legal
custodians
of
minor
children
to
settle
small
insurance
claims
or
estate
claims
on
behalf
of
the
child,
without
the
need
or
expense
of
appointed
conservator
or
a
guardian.
D
Those
conditions
include
when
a
court
order
is
issued
upon
the
death
of
the
minor
child
or
when
the
child
is
emancipated
or
turns
age
18.,
it
provides
additional
protections
for
the
child.
It
requires
the
parents
or
legal
custodians
who
settle
these
claims
to
sign
an
affidavit
certifying
that
they
will
deposit
the
funds
into
a
restrictive
account.
D
D
E
Just
want
to
make
a
quick
comment.
Thank
you
for
bringing
this
bill.
I
see
this
come
up
a
lot
in
my
practice
and
it
gives
parents
a
good
easy
way
of
doing
this.
For
what
we
view
in
the
industry
is
a
low
dollar
settlement
amount
to
keep
them
from
having
to
eat
up
additional
time
and
money
to
to
handle
the
appropriation
of
this,
and
I
just
appreciate
you
bringing
it
thank
you
senator.
A
A
Our
next
bill
is
house
bill
350
and
act
relating
to
the
insurance
regulatory
requirements.
Representative
gooch
here
he
is
here.
Our
friend
is,
if
you
have
any
guests
with
you
representative,
I
know
you.
There
may
be
someone
from
doi
on
zoom.
F
Thank
you,
mr
chairman,
and
members
of
the
committee.
My
name
is
jim
gooch,
I'm
a
state
representative
from
the
12th
district.
I
appreciate
you
hearing
house
bill
350..
I
have
with
me
to
kind
of
really
explain
the
bill
and
the
department
of
insurance.
I
think
commissioner
clark
is
with
us.
This
is
a
bill.
That's
a
kind
of
accreditation
bill,
it's
something
that
they
have
to
do
have
to
every
few
years
upgraded.
I
think
there
may
be
a
committee
substance.
F
Go
ahead.
Thank
you.
The
committee
sub
adds
a
new
section,
creating
a
conversation
process
for
provider-sponsored
organizations,
that's
psos
to
transition
to
health
maintenance
organizations.
So
I
think
that's
pretty
much
all
that
that
does
at
this
time.
I
would
just
be
happy
to
have
the
commissioner.
A
H
Yes,
this
is
a
bill
that
relates
to
the
department
of
insurance's
national
accreditation
and
a
summary
of
it
is
we
are
amending
and
providing
for
the
use
of
the
annual
statement
applying
to
be
filed
electronically.
H
We
section
two
relates
to
products
that
are
exempt
from
the
evaluation
manual
and
there
are
amendments
that
have
to
do
with
group,
capital
group,
capital
calculations
and
liquidity
stress
tests,
and
these
are
requirements
that
will
be
in
place
by
november,
7,
2022,
so
as
to
maintain
accreditation.
The
department
is
proposing
these
amendments
to
make
us
in
line
with
all
the.
A
Other
states
and
if
you
need
any
more
technical
questions,
I
have
those
experts
here
as
well.
A
A
A
A
A
I
A
I
I
Great
and
to
clarify
on
the
sub,
it
adds
five
words
in
regards
to
financial
institutions.
It
adds
the
words
and
their
wholly
owned
subsidiaries.
So
that's
the
only
change
in
the
original
in
the
sub
for
many
americans
attending
a
college
or
university
is
only
possible
by
receiving
a
student
loan.
I
There's
a
need
for
an
agency
in
kentucky
that
has
regulatory
authority
over
these
servicing
servicing
companies
to
ensure
they
comply
with
the
statute
and
treat
borrowers
fairly.
I
believe
there's
15
states
that
have
already
adopted
these
and
another
16,
that's
in
motion,
so
it's
something
that's
not
unique
to
kentucky.
A
A
A
We
appreciate
it,
commissioner,
vice
always
good
to
see
you,
I
oh,
we
got
one
more
good
house
bill,
643
enact
relating
to
regulatory
regulation
of
the
mortgage
loan
industry
representative,
mcpherson
good,
to
see
you
and
if
you
have
any
guests
with
you,
I
see
you
do
and
you'll
have
to
introduce
yourself
for
the
record
one
more
time
good
to
see
you
and
I'll.
Let
you
get
gentlemen
get
started.
C
Well,
thank
you,
sir,
and
thank
you
committee,
and
my
name
is
representative
sean
mcpherson
from
the
22nd
district
I'll
be
quick
and
we'll
make
a
long
speech
so
that
we
get
out
of
here
on
time
house
bill.
643
basically
does
three
things:
it
expands
location,
it
clarifies
compensation
and
it
restructures
fees.
C
G
Sure
again,
my
name
is
charles
vice,
I'm
the
commissioner
for
the
dfi
here
in
kentucky.
G
I
want
to
thank
chair
roland
the
committee
for
considering
house
bill
643
today,
and
I
also
want
to
thank
representative
sean
mcpherson
for
sponsoring
the
bill.
The
dfi
has
negotiated
the
changes
in
house
bill
643
with
the
mortgage
industry
over
the
past
several
months,
and
we
have
brought
achieved
broad
consensus
to
the
changes
to
the
mortgage
statute.
G
G
It
also
provides
clarity
on
how
employees
can
be
compensated,
and,
finally,
it
updates
the
fee
structure
to
provide
the
department
of
financial
institutions
non-depository
division,
depository
division
with
a
sustainable
revenue
stream,
so
I'll
address
each
one
of
those
issues
in
in
particular.
Flexibility
in
the
mortgage
lending
process
currently
statute
requires
the
mortgage
lending
process
to
only
occur
at
a
licensed
location,
which
can
either
be
a
principal
office
or
a
licensed
branch,
as
we've
all
experienced
the
past
two
years.
This
is
not
how
businesses
operate.
G
Today's
high-tech
world
house
bill
643
provides
the
flexibility
for
mortgage
companies
and
brokers
to
permit
mortgage
loan
officers
to
work
at
alternate
work
locations
while
at
the
same
time
maintaining
acceptable
controls
over
books
and
records
and
customer
information.
This
flexibility
is
also
needed
to
allow
mortgage
loan
officers
to
conduct
in-person
meetings
at
locations
convenient
to
the
borrower.
G
This
simply
aligns
the
statute
with
the
way
mortgage
loan
companies
and
mortgage
brokers
operate
today.
Regarding
employee
compensation,
the
current
statute
provides
conflicting
standards
regarding
how
a
mortgage
loan
officer
can
be
compensated.
The
u.s
department
of
housing
and
urban
development
leaves
the
decision
up
to
the
irs
guidelines
regarding
mortgage
loan
officer
compensation
alternatives.
G
G
G
Currently,
the
examination
fee
is
based
on
the
following
forty
two
dollars
an
hour
for
each
examiner
times
for
each
examiner
hours
spent
on
the
examination,
all
travel
costs,
including
mileage
and
airfare
all
hotel
expenses
and
all
per
diem
cost
under
house
bill.
643.
The
dfi
will
no
longer
charge
a
licensee
for
examinations.