2011 Kentucky Revised Statutes Subtitle 11. Money Transmitters 286.11.043 Power of commissioner to issue cease and desist orders -- Petition for temporary or permanent injunction.
KY Rev Stat § 286.11.043 (1996 through Reg Sess) What's This?
286.11-043 Power of commissioner to issue cease and desist orders -- Petition for
temporary or permanent injunction.
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If the commissioner has reason to believe or determines that a violation of this
subtitle, regulation adopted, or an order issued under this subtitle, by any person,
licensee, or agent has occurred or will occur, then the commissioner may issue an
order to show cause why an order to cease and desist should not be issued requiring
the person, licensee, or agent to cease and desist from the violation.
The commissioner may enter an order to cease and desist if the person, licensee, or
agent fails to show cause for the violation of the subtitle, regulation, or order within
ten (10) days of the date of the receipt of the order of show cause.
The commissioner may petition the Franklin Circuit Court, or any court of
competent jurisdiction, for an issuance of a temporary or permanent injunction, or
any other appropriate judicial order, against any person, licensee, or agent that
violates this subtitle, regulation adopted, or order issued.
An order issued under this section becomes effective when signed by the
commissioner. The order shall be delivered by certified mail to the last known
address of the person, licensee, or agent. The order shall be deemed received by the
person, licensee, or agent within three (3) days of its mailing with the United States
Postal Service.
The commissioner may issue an order against a licensee to cease and desist from
providing money transmission through an agent that is subject of a separate order
from the commissioner.
An order to cease and desist remains effective and enforceable pending the
completion of an administrative proceeding.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 850, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 22, 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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