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304.30-050 Revocation and suspension of licenses.
(1)
(2)
(3)
The commissioner may revoke or suspend the license of any premium finance
company when and if, after investigation, it appears to the commissioner that:
(a) Any license issued to the company was obtained by fraud;
(b) There was any misrepresentation in the application for the license;
(c) The holder of the license has otherwise shown himself or herself
untrustworthy or incompetent to act as a premium finance company;
(d) The company has violated any of the provisions of this chapter; or
(e) The company has been rebating part of the service charge as allowed and
permitted by KRS 304.30-090 to any insurance agent or any employee of an
insurance agent or to any other person as an inducement to the financing of
any insurance policy with the premium finance company.
Before the commissioner shall revoke, suspend, or refuse to renew the license of
any premium finance company, he or she shall give to the person an opportunity for
a hearing to be conducted in accordance with KRS Chapter 13B. In lieu of or in
addition to revoking or suspending the license for any of the causes enumerated in
the section, after hearing as provided in this subsection, the commissioner may
subject the company to a penalty specified in Subtitle 99 of this chapter when the
commissioner determines that the public interest would not be harmed by the
continued operation of the company. The amount of any penalty shall be paid by the
company through the department of the commissioner to the State Treasurer.
If any applicant or licensee is aggrieved by any final order of the commissioner, the
applicant or licensee shall have the right to appeal to the Franklin Circuit Court in
accordance with KRS Chapter 13B.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1410, effective July 15, 2010. -Amended 1996 Ky. Acts ch. 318, sec. 241, effective July 15, 1996. -- Amended 1982
Ky. Acts ch. 320, sec. 33, effective July 15, 1982. -- Amended 1970 Ky. Acts ch.
301, subtit. 30, sec. 5, effective June 18, 1970.
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