286.10-215 Qualifications for license.
To qualify for a license, an applicant shall apply to the department and satisfy the
following requirements:
(1) Be operating as a sole proprietorship, general partnership, limited liability
partnership, corporation, or limited liability company duly qualified to do business
in Kentucky;
(2) Demonstrate the existence of initial capital of and the maintenance of, at least one
hundred thousand dollars (0,000) for the security of all of the applicant's
licensed title pledge offices within the Commonwealth;
(3) Demonstrate the existence of a bond, with approved surety, in the amount of one
hundred thousand dollars (0,000) for the security of all of the applicant's
licensed title pledge offices within the Commonwealth. This bond shall be
maintained for the benefit and security of the title pledge borrowers and for the
benefit and security of the Commonwealth with respect to the civil and criminal
penalties provided in KRS 286.10-991; and
(4) Represent that the business will be operated lawfully, fairly, and ethically in
accordance with KRS 286.10-200 to 286.10-285 and KRS 286.10-991.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 824, effective July 15, 2010. -- Created
1998 Ky. Acts ch. 242, sec. 4, effective July 15, 1998.
Formerly codified as KRS 368.215.
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.
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