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2020 Kentucky Revised Statutes
Chapter 286 - Kentucky financial services code
Subtitle 286.11 - Money Transmitters
286.11-007 Exemptions.

Universal Citation: KY Rev Stat § 286.11-007 (2020)
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286.11-007 Exemptions. This subtitle does not apply to: (1) The United States or any department, agency, or instrumentality thereof; (2) The United States Post Office or a contractor acting on behalf of the United States Post Office; (3) A state or any agency, department, or political subdivision of a state; (4) A financial institution or its subsidiaries, affiliates, and service corporations, or any office of an international banking corporation, branch of a foreign bank, or corporation organized pursuant to the Bank Service Corporation Act, 12 U.S.C. secs. 181 to 1867, or a corporation organized under the Edge Act, 12 U.S.C. secs. 611 to 633; (5) A service provider that: (a) Pursuant to a written agreement, acts on behalf of an entity exempt from licensure as set forth in subsection (4) of this section; and (b) Allows the state or federal regulators with regulatory jurisdiction over the exempt entity to examine and inspect the service provider's applicable records, books, and transactions; (6) A service provider that receives money or monetary value on behalf of an entity selling goods or services other than money transmission services if: (a) The entity, upon receipt of funds by the service provider, immediately either: 1. Provides the purchased goods or services to the purchaser; or 2. Credits the purchaser for the full amount of money or monetary value received by the service provider, which credit is not revocable by the entity, and evidences this credit in writing; and (b) The entity is obligated to provide the purchased goods or services to the purchaser regardless of whether or not the service provider transmits the money or monetary value to the entity; or (7) The provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof. Effective: July 15, 2016 History: Amended 2016 Ky. Acts ch. 89, sec. 1, effective July 15, 2016. -- Created 2006 Ky. Acts ch. 247, sec. 4, effective April 24, 2006. Legislative Research Commission Note (7/12/2006). This section was created in 2006 Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1), has codified this section as a new section of KRS Chapter 286.
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