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286.7-550 Revocation or suspension of certificate -- Hearing -- Reinstatement -Surrender -- Appeal.
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The commissioner, for good cause and after an opportunity for a hearing to be
conducted in accordance with KRS Chapter 13B, may revoke and remove from the
department's file, or suspend for thirty (30) days, any certificate issued under KRS
286.7-410 to 286.7-600 if the commissioner finds that:
(a) The holder of the certificate has failed to pay his or her annual fee for the
privilege of doing business;
(b) The certificate holder has violated any provision of KRS 286.7-410 to 286.7600 or has failed to comply with any administrative regulation lawfully
promulgated pursuant thereto;
(c) Any fact or condition then exists which clearly would have warranted the
commissioner in refusing to issue a certificate on an original application; or
(d) The certificate holder has failed to open an office for business within one
hundred and twenty (120) days from the date the certificate is granted, or has
failed to remain open for business for a period of one hundred and twenty
(120) days, unless in each case good cause be shown.
The commissioner may reinstate suspended certificates or issue new certificates to a
certificate holder whose certificate has been revoked if no fact or condition then
exists which clearly would have warranted him in refusing originally to issue such
certificate under KRS 286.7-410 to 286.7-600.
Any certificate holder may surrender any certificate by delivering it to the
commissioner together with written notice that he or she thereby surrenders the
certificate.
Any person whose certificate is revoked or suspended may appeal the final order by
filing in the Franklin Circuit Court a petition for judicial review in accordance with
KRS Chapter 13B.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 758, effective July 15, 2010. Created
1962 Ky. Acts ch. 166, sec. 10. -- Amended 1996 Ky. Acts ch. 318, sec. 223,
effective July 15, 1996. -Formerly codified as KRS 291.550.
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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