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304.9-780 Portable electronics insurance retailer license -- Duties of
supervising entity -- Qualifications and application for license -Penalties.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
A portable electronics insurance retailer license issued under this section shall
permit portable electronics retailers to offer and disseminate portable
electronics insurance by the licensee, its employees, and authorized
representatives at each location at which the portable electronics retailer does
business in the state, provided the dissemination is conducted in accordance
with the provisions of this section.
A portable electronics insurance supervising entity shall maintain a register of
each separate business location where a portable electronics retailer and its
employees or authorized representatives offer and disseminate portable
electronics insurance and shall make the register open to inspection and
examination by the commissioner upon request. The register shall include the
name of the retailer, the address for each location, and any additional
information the commissioner may prescribe by administrative regulation.
A portable electronics insurance supervising entity shall oversee the
administration of a portable electronics retailers insurance program.
The commissioner may issue to a business entity qualified under this section a
license to act as a portable electronics insurance retailer.
For a portable electronics insurance retailer license to be issued under this
section, the business entity shall submit to the commissioner the following:
(a) A written application, on a form prescribed by the commissioner, which
shall include:
1.
Information solely related to an employee or officer of the portable
electronics retailer designated by the applicant as a person
responsible for the portable electronics retailer's compliance with
this chapter; or
2.
If the portable electronics retailer derives more than fifty percent
(50%) of its revenue from the sale of portable electronics insurance,
information shall be provided for all officers, directors, and
shareholders of record that have beneficial ownership of ten percent
(10%) or more of any class of securities, who are subject to 15
U.S.C. sec. 78p; and
(b) The application fee as provided in KRS 304.4-010 and administrative
regulations promulgated thereunder.
The commissioner may require any documents reasonably necessary to verify
the information contained in the application submitted in accordance with
subsection (5) of this section.
If a portable electronics retailer violates any provision of this section or KRS
304.9-782 or 304.9-784 or any applicable provision of this chapter, the
commissioner may impose penalties in accordance with KRS 304.9-440. Any
civil penalty imposed by the commissioner, except for civil penalties associated
with violations constituting fraud or a material misrepresentation, may not
exceed five thousand dollars ($5,000) in the aggregate for multiple violations
arising out of the same or similar conduct.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 92, sec. 4, effective July 12, 2012.
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