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286.7-550 Revocation or suspension of certificate -- Hearing -- Reinstatement
-- Surrender -- Appeal.
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The commissioner, for good cause and after an opportunity for a hearing to be
conducted in accordance with KRS Chapter 13B, may revoke and remove from
the department's file, or suspend for thirty (30) days, any certificate issued
under KRS 286.7-410 to 286.7-600 if the commissioner finds that:
(a) The holder of the certificate has failed to pay his or her annual fee for the
privilege of doing business;
(b) The certificate holder has violated any provision of KRS 286.7-410 to
286.7-600 or has failed to comply with any administrative regulation
lawfully promulgated pursuant thereto;
(c) Any fact or condition then exists which clearly would have warranted the
commissioner in refusing to issue a certificate on an original application;
or
(d) The certificate holder has failed to open an office for business within one
hundred and twenty (120) days from the date the certificate is granted, or
has failed to remain open for business for a period of one hundred and
twenty (120) days, unless in each case good cause be shown.
The commissioner may reinstate suspended certificates or issue new
certificates to a certificate holder whose certificate has been revoked if no fact
or condition then exists which clearly would have warranted him in refusing
originally to issue such certificate under KRS 286.7-410 to 286.7-600.
Any certificate holder may surrender any certificate by delivering it to the
commissioner together with written notice that he or she thereby surrenders the
certificate.
Any person whose certificate is revoked or suspended may appeal the final
order by filing in the Franklin Circuit Court a petition for judicial review in
accordance with KRS Chapter 13B.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 758, effective July 15, 2010. Created
1962 Ky. Acts ch. 166, sec. 10. -- Amended 1996 Ky. Acts ch. 318, sec. 223,
effective July 15, 1996. -Formerly codified as KRS 291.550.
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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