2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 10 - Title Pledge Lending 10.10-991 Penalties for KRS 286.10-200 to 286.10-285 and KRS 286.10-991 -- Revocation or suspension of license of title pledge lender.
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286.10-991 Penalties for KRS 286.10-200 to 286.10-285 and KRS 286.10-991 -Revocation or suspension of license of title pledge lender.
(1)
(2)
(3)
(4)
Every person who knowingly violates any of the provisions of KRS 286.10-200
to 286.10-285 or this section is guilty of a Class A misdemeanor. Upon
conviction of such a Class A misdemeanor the license of the title pledge lender
may be suspended or revoked by the department.
Notwithstanding any other law to the contrary, apart from or in addition to any
sanctions which may be imposed under subsection (1) of this section, upon an
administrative finding by the department that a title pledge lender has violated
the provisions of KRS 286.10-260(3), the license of the title pledge lender may
be revoked or suspended for a period, specified by the department, not to
exceed forty-five (45) days. Notwithstanding the provisions of KRS 286.10-205,
or any other law to the contrary, upon a finding by the department that a title
pledge lender has repeatedly and persistently engaged in a pattern of violating
the provisions of KRS 286.10-260(3), the license of the title pledge lender may
be revoked or suspended for a period specified by the department, of not less
than ninety (90) days.
In addition to the sanctions which may be imposed under subsection (2) of this
section, the department may impose a fine against any person for a violation of
KRS 286.10-200 to 286.10-285 or this section of no less than five hundred
dollars ($500) and no more than one thousand dollars ($1,000) per violation.
During the period of any suspension or following any revocation, the title
pledge lender shall not engage, in any county within this Commonwealth, in the
business of making title pledge agreements with pledgors.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 833, effective July 15, 2010. -Created 1998 Ky. Acts ch. 242, sec. 19, effective July 15, 1998.
Formerly codified as KRS 368.991.
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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