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286.4-610 Commissioner's power to issue regulations and examine licensees.
(1)
(2)
(3)
The provisions of this subtitle shall be enforced by the commissioner, who
may, after notice to licensees and a hearing, promulgate regulations,
referenced to the section or sections which set forth the legislative standards
they interpret or apply, for the proper conduct of the business licensed under
this subtitle. All regulations of general application shall state the date of
promulgation and the effective date. A copy of every such regulation shall be
sent to all licensees before the effective date thereof and a copy shall be kept
in an indexed permanent book in the office of the commissioner as a public
record.
The commissioner shall make an annual examination of the affairs, business,
office, and records of every licensee, and such further examinations or
investigations as the commissioner deems necessary for the purpose of
discovering violations of this subtitle or of securing information necessary for its
proper enforcement. Every licensee shall pay a fee sufficient to cover the cost
of each examination based upon fair compensation for time and actual
expenses.
For the purpose of making such examinations or investigations the
commissioner and his or her representatives may require the attendance of
and examine under oath all persons whose testimony he or she may require,
relative to the loans or business of any such licensee, and shall have free
access to the accounts, papers, records, files, safes, vaults, offices, and places
of business used in connection with any business conducted under any license
issued in accordance with this subtitle.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 668, effective July 15, 2010. -Amended 1998 Ky. Acts ch. 198, sec. 6, effective July 15, 1998. -- Created 1960
Ky. Acts ch. 204, sec. 21, effective June 16, 1960.
Formerly codified as KRS 288.610.
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.
Legislative Research Commission Note (7/15/98). In codifying the 1998
amendment to this statute, the phrase "of the business licensed under this
chapter. All regulations of general" has been restored to subsection (1) of this
statute under KRS 446.280. This text was in 1960 Ky. Acts ch. 204, sec. 21,
creating this statute, and has never been deleted from it by legislative action.
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