2006 Kentucky Revised Statutes - .075   Change of control.

286.8-075 Change of control. (1) As used in this section, "change of control" means: (a)  A transfer of voting stock which results in giving a person, directly or indirectly, the power to direct the management and policy of a mortgage loan company or mortgage loan broker; or (b)  A transfer of at least ten percent (10%) of the outstanding voting stock of a mortgage loan company or a mortgage loan broker. (2) A transfer of voting stock of a mortgage loan company or mortgage loan broker which constitutes a change of control shall be approved in writing by the executive director, prior to the transfer. (3) The owner, president, chief executive officer or a partner shall apply to the executive director for approval of a transfer of voting stock in his mortgage loan company or mortgage loan broker which constitutes a change of control. The application must contain information which shows that the requirements of this subtitle for obtaining a license will be satisfied after the change of control. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 197, sec. 8, effective July 15, 1998. -- Created 1986 Ky. Acts ch. 461, sec. 9, effective July 15, 1986. Formerly codified as KRS 294.075. 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.