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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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