2009 Kentucky Revised Statutes Subtitle 7. Industrial Loan Corporations 286.7.535 Commonwealth or its employees not liable for failure to disclose financial condition of industrial loan company.
286.7-535 Commonwealth or its employees not liable for failure to disclose
financial condition of industrial loan company.
In undertaking the examination of any industrial loan company, neither the <br>Commonwealth of Kentucky, the commissioner of the Department of Financial <br>Institutions, nor any examiner employed by the Commonwealth shall become liable to <br>any depositor, investor or other obligor of said industrial loan company by reason of said <br>examination or omission of such examination to fully and effectively disclose the <br>financial condition of said industrial loan company, it being the policy of the <br>Commonwealth of Kentucky that such examinations as are required by KRS 286.7-530 <br>are for the purpose of determining compliance with state law and not for the purpose of <br>protecting or guaranteeing the depositors, investors or other obligors of said industrial <br>loan companies.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 756, effective July 15, 2010. -- Created
1980 Ky. Acts ch. 357, sec. 4, effective July 15, 1980.
Formerly codified as KRS 291.535. <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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