Download as PDF
286.4-450 Approval or rejection of application -- Time limit -- Appeal -- Hearing.
(1)
(2)
(3)
(4)
The commissioner shall, after investigation, issue to the applicant a license to make
loans in accordance with this subtitle, if the commissioner:
(a) Approves the form of the application;
(b) Finds that the financial responsibility, experience, character, and general
fitness of the applicant, and of the members thereof if the applicant is a
partnership or association, and of the officers and directors thereof if the
applicant is a corporation, command the confidence of the community and to
warrant the belief that the business of the applicant will be operated honestly,
fairly, and efficiently in accordance with the purposes of this subtitle; and
(c) Finds that the applicant has complied with KRS 286.4-440.
If the commissioner does not so find, he or she shall not issue a license and shall
notify the applicant of the denial and return the sum paid by the applicant as a
license fee, retaining the two hundred fifty dollars ($250) investigation fee to cover
the cost of investigating the application.
The commissioner shall approve or deny every application for license within sixty
(60) days from the filing thereof with the fees unless the time is extended by a
written agreement between the applicant and the commissioner. If the commissioner
denies a license, the applicant may appeal, and upon appeal an administrative
hearing shall be conducted in accordance with KRS Chapter 13B.
The official record of the hearing shall be filed in the office of the commissioner as
public records, open to public inspection.
Effective: July 15, 2010
Formerly codified as KRS 288.450.
History: Amended 2010 Ky. Acts ch. 24, sec. 660, effective July 15, 2010. -- Amended
2000 Ky. Acts ch. 157, sec. 2, effective July 14, 2000. -- Amended 1998 Ky. Acts ch.
198, sec. 2, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 318, sec. 217,
effective July 15, 1996. -- Created 1960 Ky. Acts ch. 204, sec. 5, effective June 16,
1960.
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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
