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Code · Kentucky · Chapter 99A — Neighborhood redevelopment

99A.080 Mortgage guaranty fund established.

117 words·~1 min read·/ky/chapter-99a/99a-080

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(1)There is created a mortgage guaranty fund which shall be used by the executive
director for carrying out the provisions of KRS 99A.060 and 99A.070.
(2)The fund shall be credited with such moneys as are appropriated by the General
Assembly thereto, the premium charges paid by mortgagees pursuant to KRS
99A.060 less the costs of administration, and contributions.
(3)The mortgage insurance fund shall be used solely as a reserve for insurance
guarantees given under the provisions of this chapter. At no time shall the executive
director permit the aggregate principal amount of the mortgages or rehabilitation
loans, guaranteed by special endorsements issued by issuers, to exceed twenty-five
(25)times the amount in the fund.
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