2006 Kentucky Revised Statutes - .540   When certificate required.

286.7-540 When certificate required. No corporation organized under the provisions of KRS 286.7-410 to 286.7-600, nor any foreign corporation, nor any other person not authorized by other specific statutory provisions, shall engage in the business of making loans at a rate of interest in excess of the legal rate of interest prescribed in KRS 360.010 unless there is on file in the office of the executive director a certificate issued by the executive director authorizing the transaction of an industrial loan business under the provision of KRS 286.7-410 to 286.7- 600. History: Created 1962 Ky. Acts ch. 166, sec. 9. Formerly codified as KRS 291.540. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.