Title XXV, Business and Financial Institutions

To qualify for a license, an applicant shall satisfy the following requirements: (1) The applicant shall deposit with the commissioner one (1) of the following instruments: (a) An irrevocable letter of credit in the following amounts: 1. If an applicant has only one (1) business …

Each application for a license shall be in writing and under oath to the department, in a form prescribed by the commissioner, and shall include the following: (1) The legal name, residence, and business address of the applicant and, if the applicant is a partnership, association…

Each application for a license shall be accompanied by: (1) An investigation fee of five hundred dollars ($500) for Kentucky residents and five hundred dollars ($500) for nonresidents of Kentucky for each location which shall not be subject to refund but which, if the license is …

License period -- Licensee's duty to notify department -- Transfer or assignment of license -- Abandonment. (1) Upon the filing of a completed application in a form prescribed by the commissioner, accompanied by the fee and documents required in KRS 286.9-060, the commissioner sh…

The commissioner shall not issue additional deferred deposit service business licenses.

In addition to the requirements contained in this subtitle, every licensee shall comply with all applicable federal and state laws.

Every person licensed under this subtitle shall maintain an agent in this Commonwealth for service of process. The name, address, telephone number, and electronic mail address of the agent shall be filed with the application. The commissioner shall be notified in writing by the l…

(1) Each licensee shall keep and use in its business any books, accounts, financial reports, and records the commissioner may require to administer and regulate the provisions of this subtitle and the administrative regulations promulgated under this subtitle. Every licensee shal…

commissioner. (1) Any person aggrieved by the conduct of a licensee under this subtitle in connection with the licensee's regulated activities may file a written complaint with the commissioner who may investigate the complaint. (2) In the course of the investigation initiated by…

(1) Each license may be renewed for the ensuing twelve (12) month period upon the timely submission of a completed renewal application and payment to the commissioner annually on or before December 31 of each year of the following fees: (a) Five hundred dollars ($500) for the fir…

examination and fee -- Examination, inspection, and confidentiality of records -- Powers of commissioner. (1) The commissioner may adopt reasonable administrative regulations, not inconsistent with law, for the enforcement of this subtitle. (2) To assure compliance with the provi…

(1) (a) Any fee charged by a licensee for cashing a check or entering into a deferred deposit transaction shall be disclosed in writing to the bearer of the check prior to cashing the check or entering into a deferred deposit transaction, and the fee shall be deemed a service fee…

Acceptance, payment, and deposit of checks. (1) Each licensee who engages in deferred deposit transactions shall give the customer the disclosures in writing required by the Consumer Credit Protection Act (15 U.S.C. sec. 1601). Proof of this disclosure shall be made available to …

(1) Each licensee shall file an annual report with the commissioner by March 1 of each year, containing the following information: (a) The names and addresses of each person owning a controlling interest in each license; (b) The location of all places of business operated by the …

suspicious transaction reporting. (1) Every licensee required to register with the United States Treasury Financial Crimes Enforcement Network shall file with the commissioner all reports by federal currency reporting, recordkeeping, and suspicious transaction reporting requireme…

(1) As used in this section, "registry" means the State Regulatory Registry, LLC, or its successor organization. (2) When an application, report, or approval request is required under this subtitle to be filed with the commissioner, the commissioner may require, by administrative…

suspension, expiration, or surrender of license -- Circuit Court remedy. (1) The commissioner may suspend, revoke, place on probation, condition, restrict, refuse to issue or renew a license, accept the surrender of a license in lieu of revocation or suspension, order that refund…

revocation of license. (1) The commissioner may file an administrative complaint against any person if it appears on grounds satisfactory to the commissioner that a potential or actual violation of this subtitle has been committed and when the person may be subject to the penalti…

license. (1) The commissioner may enter an emergency order suspending, conditioning, limiting, or restricting a license issued under this subtitle without notice or hearing if it appears upon grounds satisfactory to the commissioner that the licensee has engaged or is engaging in…

(1) The commissioner may enter into a consent order with another person at any time for the purpose of resolving a matter arising under this subtitle. A consent order shall be signed by the person to whom it is issued or by the person's authorized representative and shall indicat…

The commissioner may stay, suspend, or postpone the effective date of an order issued under this subtitle, pending the administrative proceeding and the issuance of a final order resulting from the proceeding, upon written request by the affected person or licensee.

accessing data. (1) (a) A common database with real-time access through an internet connection for deferred deposit service business licensees implemented in accordance with this subtitle shall be accessible to the department and a deferred deposit service business licensee to ve…

(1) Any person who intentionally violates any provision of this subtitle, or violates any administrative regulation promulgated hereunder, or violates any order of the commissioner, shall be guilty of a Class A misdemeanor. Each transaction in violation of this subtitle and each …

(1) The commissioner may levy a civil penalty against a person who violates any provision of, or administrative regulation promulgated under, this subtitle or any order issued by the commissioner under this subtitle. (2) The civil penalty shall be not less than one thousand dolla…