Download as PDF
286.7-450 Certificate of approval -- Denial -- Hearing -- Appeal.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
The commissioner shall upon approval issue a certificate of approval in
triplicate, one (1) copy of which shall be delivered to the applicant and one (1)
copy to the Secretary of State which shall constitute the authority of the
Secretary of State to file and record the articles as provided in the general
corporation law.
Upon the receipt of payment of fees and filing of the articles of incorporation by
the Secretary of State, the commissioner shall issue a certificate or certificates
authorizing the corporation to operate an industrial loan business in this state
at the places specified, such certificates to be in any form the commissioner
prescribes.
The commissioner shall mail one (1) copy of the certificate to each office of the
corporation and shall retain one (1) copy, which shall be filed in the office of the
commissioner.
If the commissioner does not approve the application, the commissioner shall
notify the applicant of the denial and return the sum paid by the applicant as a
fee for the privilege of doing business, retaining the fifty-dollar ($50)
investigation fee.
The commissioner shall approve or deny every application within sixty (60)
days after the filing thereof with the fees paid, unless the time is extended by
the commissioner for good cause.
All findings of the commissioner, together with a summary of the evidence
supporting them, shall be filed in the office of the commissioner as public
records.
The certificate or certificates issued to the corporation shall expire on the
succeeding January 15, and shall be renewed only on compliance with the
provisions of KRS 286.7-410 to 286.7-600.
Whenever the commissioner denies any application for certificate under the
provisions of KRS 286.7-410 to 286.7-600, the commissioner shall promptly file
in his office a written order to that effect, stating his or her findings with respect
thereto and the reasons for his or her action. The commissioner shall also
promptly serve upon the applicant for a certificate a copy of the order. The
applicant may request an administrative hearing to be conducted in
accordance with KRS Chapter 13B. Any party aggrieved by a final order issued
pursuant to a hearing authorized under this subsection may appeal to the
Circuit Court of Franklin County in accordance with KRS Chapter 13B.
The corporation shall not conduct any industrial loan business until it receives
a certificate from the commissioner stating that it has fully complied with all the
provisions of KRS 286.7-410 to 286.7-600, and that the requisite capital is in
good faith subscribed and paid in cash.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 752, effective July 15, 2010.Created 1962 Ky. Acts ch. 166, sec. 4. -- Amended 1996 Ky. Acts ch. 318,
sec. 222, effective July 15, 1996. Formerly codified as KRS 291.450.
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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.