2011 Kentucky Revised Statutes Subtitle 11. Money Transmitters 286.11.005 License required for persons engaging in money transmission -- Prohibition against transfer or assignment of license.
KY Rev Stat § 286.11.005 (1996 through Reg Sess) What's This?
286.11-005 License required for persons engaging in money transmission -Prohibition against transfer or assignment of license.
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On or after October 1, 2006, no person shall engage in the business of money
transmission in this state without a license, or without being an agent of a licensee,
as provided in this subtitle.
A person is deemed to be engaged in the business of money transmission under this
subtitle if the person advertises those services, provides those services with or
without compensation, solicits to provide those services, or holds itself out as
providing those services to or from this state, even if the person has no physical
presence in this state.
A licensee may conduct its business in this state at one (1) or more locations,
directly or indirectly owned, or through one (1) or more agents, or both, pursuant to
the single license issued to the licensee.
A license issued under this subtitle shall not be transferred or assigned.
Effective: April 24, 2006
History: Created 2006 Ky. Acts ch. 247, sec. 3, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill
also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky
Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1),
has codified this section as a new section of KRS Chapter 286.
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