2011 Kentucky Revised Statutes Subtitle 9. Deferred Deposit Service Business and Check Cashing 286.9.070 Investigation by department -- Issuance of license -- Posting of license -- License period -- Licensee's duty to notify department -- Transfer or assignment of license -- Abandonment.
KY Rev Stat § 286.9.070 (1996 through Reg Sess) What's This?
286.9-070 Investigation by department -- Issuance of license -- Posting of license -License period -- Licensee's duty to notify department -- Transfer or
assignment of license -- Abandonment.
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Upon the filing of a completed application in a form prescribed by the
commissioner, accompanied by the fee and documents required in KRS 286.9-060,
the commissioner shall investigate to ascertain whether the qualifications prescribed
by KRS 286.9-040 have been satisfied. If the commissioner finds that the
qualifications have been satisfied, and if the commissioner approves the documents,
he or she shall issue to the applicant a license to engage in the business of cashing
checks or deferred deposit transactions in this Commonwealth.
The license shall be kept conspicuously posted in the place of business of the
licensee.
A license issued under this section shall remain in force and effect through the
remainder of the fiscal year ended June 30 following its date of issuance, unless
surrendered, suspended, or revoked under this subtitle. A license issued under this
subtitle shall expire by June 30 following the date of its issuance unless renewed by
the filing of a completed renewal application and payment of the required fees with
the commissioner.
A licensee shall notify the commissioner in writing at least fifteen (15) business
days before any change in the licensee's business location or name.
A licensee shall file a written request for a change of control of that licensee with
the commissioner at least fifteen (15) business days prior to any change of control
of the licensee. The commissioner may require additional information considered
necessary to determine whether a new application for a license is required. The
person who requests the approval for a change of control shall pay the cost incurred
by the commissioner in investigating the change of control request.
A license issued under this subtitle shall be transferable or assignable in cases of
ownership changes of the business or to facilitate the transfer or assignment of a
license if the licensee is closing an alternate office location, subject to approval of
the commissioner and based on existing criteria of new applicant approvals in
accordance with this section.
The commissioner may deem an application or renewal application abandoned
when the application received is incomplete and the applicant fails to provide any
required information or fee under this subtitle or fails to respond to a request by the
commissioner for further information.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 803, effective July 15, 2010. -- Amended
2009 Ky. Acts ch. 98, sec. 2, effective January 1, 2010. -- Amended 1998 Ky. Acts
ch. 601, sec. 6, effective April 14, 1998. -- Created 1992 Ky. Acts ch. 213, sec. 7,
effective July 14, 1992; and ch. 341, sec. 7, effective July 14, 1992.
Formerly codified as KRS 368.070.
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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