2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 9 - Deferred Deposit Service Business and Check Cashing 9.9-090 Authority to promulgate administrative regulations -- Compliance examination and fee -- Examination, inspection, and confidentiality of records -- Powers of commissioner.
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286.9-090 Authority to promulgate administrative regulations -- Compliance
examination and fee -- Examination, inspection, and confidentiality of
records -- Powers of commissioner.
(1)
(2)
(3)
(4)
(5)
(6)
The commissioner may adopt reasonable administrative regulations, not
inconsistent with law, for the enforcement of this subtitle.
To assure compliance with the provisions of this subtitle, the commissioner
may examine the business, books, and records of any licensee, and each
licensee shall pay an examination fee sufficient to cover the cost of the
examination based upon fair compensation for time and actual expense as
established by order or administrative regulations.
The affairs of every check cashing and deferred deposit service business
licensee and the records required to be maintained by KRS 286.9-074 are
subject at any time, or from time to time, to such periodic, special, or other
examinations by the commissioner or an examiner of the commissioner within
or without this state and with or without notice to the licensee, as the
commissioner deems necessary or appropriate in the public interest. All books,
papers, and records of assets of the licensee shall be subject to the
commissioner's inspection.
Reports of examination, related working papers, or other confidential
information in the possession or control of the commissioner that is provided
according to this subtitle shall be confidential by law and privileged, and shall
not be subject to the Kentucky Open Records Act, KRS 61.870 to 61.884.
These reports of examination, related working papers, or other confidential
information shall not be subject to subpoena, and shall not be subject to
discovery or admissible in evidence in any civil action, unless after notice to the
commissioner and a hearing, a court of competent jurisdiction determines that
the commissioner would not be prejudiced. However, the commissioner may
use such reports, working papers, and other confidential information in the
furtherance of any regulatory or legal action brought as a part of the
commissioner's official duties.
Neither the commissioner nor any person who received documents, materials,
reports, or other information while acting under the authority of the
commissioner shall be required to testify in any civil action concerning any
reports of examination, related working papers, or other confidential
information subject to subsection (4) of this section.
In order to assist in the performance of the commissioner duties, the
commissioner may:
(a) Share documents, materials, annual reports, reports of examination or
other information, including the confidential and privileged documents,
materials, reports, or information subject to subsections (4) and (5) of this
section, with other state, federal, and international regulatory agencies,
and with local, state, federal, and international law enforcement
authorities, if the recipient agrees to maintain the confidentiality and
privileged status of the documents, materials, reports, or other
information;
(b) Receive documents, materials, reports, or other information, including
otherwise confidential and privileged documents, materials, reports, or
(7)
information from regulatory and law enforcement officials of other foreign
or domestic jurisdictions, and shall maintain as confidential and privileged
any documents, materials, reports, or information received with notice or
the understanding that they are confidential and privileged under the laws
of the jurisdiction that is the source of the documents, materials, reports,
or information;
(c) Enter into agreements governing the sharing and use of information,
including the furtherance of any regulatory or legal action brought as part
of the recipient's official duties;
(d) Disclose to the public a list of persons licensed under this subtitle or the
aggregate financial data concerning those licensees; and
(e) Disclose to the public any order issued under this subtitle that is the result
of an administrative or legal action against a licensee, agent of a licensee,
responsible individual, key shareholder, executive officer, or director.
No waiver of any applicable privilege or claim of confidentiality in the
documents, materials, reports, or information shall occur as a result of
disclosure to the commissioner under this subsection or as a result of sharing
as authorized in subsection (6) of this section.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 809, effective July 15, 2010. -Amended 2009 Ky. Acts ch. 98, sec. 19, effective January 1, 2010. -- Amended
1998 Ky. Acts ch. 601, sec. 8, effective April 14, 1998. -- Created 1992 Ky. Acts
ch. 213, sec. 9, effective July 14, 1992; and ch. 341, sec. 9, effective July 14,
1992.
Formerly codified as KRS 368.090.
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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