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286.4-450 Approval or rejection of application -- Time limit -- Appeal -Hearing.
(1)
(2)
(3)
(4)
The commissioner shall, after investigation, issue to the applicant a license to
make loans in accordance with this subtitle, if the commissioner:
(a) Approves the form of the application;
(b) Finds that the financial responsibility, experience, character, and general
fitness of the applicant, and of the members thereof if the applicant is a
partnership or association, and of the officers and directors thereof if the
applicant is a corporation, command the confidence of the community and
to warrant the belief that the business of the applicant will be operated
honestly, fairly, and efficiently in accordance with the purposes of this
subtitle; and
(c) Finds that the applicant has complied with KRS 286.4-440.
If the commissioner does not so find, he or she shall not issue a license and
shall notify the applicant of the denial and return the sum paid by the applicant
as a license fee, retaining the two hundred fifty dollars ($250) investigation fee
to cover the cost of investigating the application.
The commissioner shall approve or deny every application for license within
sixty (60) days from the filing thereof with the fees unless the time is extended
by a written agreement between the applicant and the commissioner. If the
commissioner denies a license, the applicant may appeal, and upon appeal an
administrative hearing shall be conducted in accordance with KRS Chapter
13B.
The official record of the hearing shall be filed in the office of the commissioner
as public records, open to public inspection.
Effective:July 15, 2010
Formerly codified as KRS 288.450.
History: Amended 2010 Ky. Acts ch. 24, sec. 660, effective July 15, 2010. -Amended 2000 Ky. Acts ch. 157, sec. 2, effective July 14, 2000. -- Amended
1998 Ky. Acts ch. 198, sec. 2, effective July 15, 1998. -- Amended 1996 Ky.
Acts ch. 318, sec. 217, effective July 15, 1996. -- Created 1960 Ky. Acts
ch. 204, sec. 5, effective June 16, 1960.
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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