Requirements for applicants and licensees -- Reports. (Effective April 30, 2027)

30, 2027) Every applicant and licensee shall, at the time of filing a license application and at all times during the consideration of the application and licensure: (1) Be in good standing in its state of incorporation or formation; (2) Be registered or qualified to do business in this state; (3) Maintain a registered agent for service of process in this state; and (4) (a) File a written report with the commissioner within fifteen (15) business days of knowledge of any of the following events: 1. A material change in the information provided in: a. A license application; b. An application for approval to engage in virtual currency kiosk business at one (1) or more locations, or through one (1) or more agents, in this state; or c. Any report filed under this subtitle; 2. A failure to satisfy the requirements of KRS 286.13-050; 3. Insolvency, the filing for bankruptcy, reorganization, dissolution, or receivership under the United States bankruptcy code or any other law, or the making of a general assignment for the benefit of creditors by: a. The applicant or licensee; b. A responsible individual; c. An agent; d. An executive officer of the applicant or licensee; or e. A director of the applicant or licensee; 4. The filing of any material litigation against the applicant or licensee by any state, federal, or foreign governmental authority; or 5. The applicant or licensee, a responsible individual or agent, or an executive officer or director of the applicant, the licensee, or an agent has been: a. Indicted for or convicted of any felony; or b. Convicted of a misdemeanor involving fraud, theft, breach of trust, or virtual currency kiosk business in this state. (b) The report required under paragraph (a) of this subsection shall describe the event and its expected impact on: 1. The applicant's proposed activities in this state; or 2. The licensee's activities in this state.