2006 Kentucky Revised Statutes - .615   Commonwealth or its employees not liable for failure to disclose financial condition of consumer loan company.

286.4-615 Commonwealth or its employees not liable for failure to disclose financial condition of consumer loan company. In undertaking the examination of a consumer loan company neither the Commonwealth of Kentucky, the executive director of the Office of Financial Institutions, nor any examiner employed by the Commonwealth shall become liable to any depositor, investor, or other obligor of said consumer loan company by reason of said examination or omission of said examination to fully and effectively disclose the financial condition of said consumer loan company, it being the policy of the Commonwealth of Kentucky that such examinations as are required by KRS 286.4-610 are for the purpose of determining compliance with state law and not for the purpose of protecting or guaranteeing the depositors, investors, or other obligors of said consumer loan companies. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 198, sec. 7, effective July 15, 1998. -- Created 1980 Ky. Acts ch. 357, sec. 2, effective July 15, 1980. Formerly codified as KRS 288.615. 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 (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.