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286.7-430 Capital stock requirements -- Statement of assets and liabilities -- Fees.
(1)
(2)
(3)
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
first class or a city with a population equal to or greater than twenty thousand
(20,000) based upon the most recent federal decennial census, or not less than fifty
thousand dollars ($50,000) if located in any other county. The amount of the capital
stock shall be paid in full, and in money, before the corporation may transact any
business other than that relating to its formation and organization.
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
assets and liabilities, and the address at which it proposes to operate its business. A
separate certificate shall be required for each place of business.
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
additional sum of three hundred dollars ($300) as an annual fee for the privilege of
doing business for the period terminating on the succeeding January 15. If the
application is filed after June 30 in any year, the payments shall be one hundred and
fifty dollars ($150) as a fee for the privilege of doing business in addition to the fee
for investigation. The annual fee shall be paid for each place of business. In addition
to the annual fee for the privilege of doing business, every corporation organized
under the provisions of KRS 286.7-410 to 286.7-600 shall pay a fee for
examinations by the Department of Financial Institutions, which fee shall be
computed by the Department of Financial Institutions on the basis of fair
compensation for time and actual expenses.
Effective: January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 287, effective January 1, 2015. -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 ch. 166,
sec. 2(4) to (6).
Formerly codified as KRS 291.430.
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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