2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 5 - Savings and Loan Associations 5.5-910 Filing of application to acquire association or holding company -- Examination of applicant -- Cooperative agreements for examination of out-of-state associations or exchange of confidential information.
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286.5-910 Filing of application to acquire association or holding company -Examination of applicant -- Cooperative agreements for examination of
out-of-state associations or exchange of confidential information.
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Any savings and loan association holding company which proposes to acquire
control of a Kentucky state chartered savings and loan association, or of a
savings and loan association holding company which controls a Kentucky state
chartered savings and loan association, shall concurrently file with the
commissioner copies of the application filed with the applicable federal
supervisory authority. The commissioner shall approve such acquisition within
ninety (90) days of acceptance of a complete application if he or she finds that:
(a) The terms of the acquisition are in accordance with the laws of this state;
(b) The financial condition, or the competence, experience and integrity of
the acquiring company or its principals are such as will not jeopardize the
financial stability of the acquired savings and loan association or savings
and loan association holding company;
(c) The public convenience and advantage will be served by the acquisition;
and
(d) No federal regulatory authority whose approval is required has
disapproved the transaction because it would result in a monopoly or
substantially lessen competition, or has otherwise disapproved the
transaction.
A nonrefundable fee shall accompany each application and shall be set by the
commissioner in accordance with the fee-setting principles set out in KRS
286.3-480.
The commissioner may enter into cooperative agreements with federal or state
regulatory authorities to examine an out-of-state savings and loan association
that is controlled by a savings and loan association holding company having its
principal place of business in this state, or accept reports of examinations of
such out-of-state regulatory authorities in lieu of conducting examinations.
The commissioner may enter into cooperative agreements with federal or state
regulatory authorities to exchange confidential information and reports of
examination relating to interstate acquisitions of savings and loan associations
and savings and loan association holding companies.
The cost of an examination shall be assessed against and paid by the savings
and loan association or savings and loan association holding company
examined. The assessment for the examination shall be calculated in the same
manner as that used for savings and loan association examinations.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 712, effective July 15, 2010. -Created 1988 Ky. Acts ch. 156, sec. 3, effective July 15, 1988.
Formerly codified as KRS 289.910.
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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