286.11-023 Extraordinary reporting requirements.
A licensee shall file a written report with the commissioner within fifteen (15) business
days of its knowledge of the occurrence of any one (1) of the events listed below. In the
written report, the licensee shall describe the event and its expected impact on the
licensee's activities in the state:
(1) Any material change in information provided in a licensee's application or renewal
report;
(2) The cancellation or other impairment of the licensee's bond or other similar security
accepted by the commissioner;
(3) Insolvency or the filing for bankruptcy or reorganization under the United States
Bankruptcy Code, 11 U.S.C. secs. 101 to 110, by the licensee, responsible
individual, any agent, or any key officers or directors;
(4) The filing of a petition by or against the licensee, or any agent of the licensee, for
receivership, the commencement of any other judicial or administrative proceeding
for its dissolution or reorganization, or the making of a general assignment for the
benefit of its creditors;
(5) The filing of any material litigation against the licensee by any state or federal
governmental authority, or by any country in which the licensee engages in the
business of money transmission or is licensed;
(6) Any felony indictment of the licensee, responsible individual, agent, or any of its
key officers or directors;
(7) Any felony conviction of the licensee, responsible individual, agent, or any of its
key officers or directors;
(8) Any misdemeanor conviction of the licensee, responsible individual, agent, or any
of its key officers or directors of any misdemeanor involving the business of money
transmission; and
(9) Any misdemeanor conviction of the licensee, responsible individual, agent, or any
of its key officers or directors of any misdemeanor involving fraud, theft, or breach
of trust.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 840, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 12, 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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