286.7-430 Capital stock requirements -- Statement of assets and liabilities -- Fees.
(1) The capital stock of any such industrial loan corporation shall not be less than one
hundred thousand dollars ($100,000) if located in counties containing a city of the <br>first or second class, or not less than fifty thousand dollars ($50,000) if located in <br>any other county. The amount of the capital stock shall be paid in full, and in <br>money, before the corporation may transact any business other than that relating to <br>its formation and organization.
(2) At the time an industrial loan corporation applies for a certificate it shall file with
the commissioner a statement verified by its president and secretary showing its <br>assets and liabilities, and the address at which it proposes to operate its business. A <br>separate certificate shall be required for each place of business.
(3) Each industrial loan corporation at the time of making application shall pay sixty
dollars ($60) to the commissioner as a fee for investigating the application, and the <br>additional sum of three hundred dollars ($300) as an annual fee for the privilege of <br>doing business for the period terminating on the succeeding January 15. If the <br>application is filed after June 30 in any year, the payments shall be one hundred and <br>fifty dollars ($150) as a fee for the privilege of doing business in addition to the fee <br>for investigation. The annual fee shall be paid for each place of business. In addition <br>to the annual fee for the privilege of doing business, every corporation organized <br>under the provisions of KRS 286.7-410 to 286.7-600 shall pay a fee for <br>examinations by the Department of Financial Institutions, which fee shall be <br>computed by the Department of Financial Institutions on the basis of fair <br>compensation for time and actual expenses.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 750, effective July 15, 2010. -- Amended
1982 Ky. Acts ch. 266, sec. 6, effective July 15, 1982. -- Created 1962 Ky. Acts <br>ch. 166, sec. 2(4) to (6).
Formerly codified as KRS 291.430. <br>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 <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
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