Last Updated July 23, 2012
Enactments through the 2012 Extraordinary Session
This page was produced on 7/24/2012 at 8:49:53 AM
Terms & Conditions
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KRS Chapter 286.11
Terms & Conditions
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.001 Short title.
.003 Definitions for subtitle.
.005 License required for persons engaging in money transmission -- Prohibition against transfer or assignment of license.
.009 Contents of application -- Additional information to be provided by corporate applicants -- Power of commissioner to waive requirements.
.011 Minimum net worth of licensee.
.013 Bond or other security devices.
.015 Permissible investments -- Power of commissioner to define permissible investments -- All permissible investments deemed to be held in trust for benefit of purchasers and holders.
.017 Application fee and license fee.
.019 Powers of commissioner to approve, deny, or refuse to issue or renew licenses -- Procedure for hearing and appeal upon denial of license -- Reapplication after denial.
.021 Renewal of license and annual report -- Expiration and reinstatement of license.
.023 Extraordinary reporting requirements.
.025 Changes in control of a licensee.
.027 Examinations and investigations.
.029 Maintenance of records.
.031 Filing and maintenance of reports required by federal and state law governing money laundering.
.033 Confidentiality of data submitted to commissioner.
.035 Authorized agent contracts.
.037 Authorized agent conduct -- Commingled proceeds deemed trust funds -- Agent's duty to report to licensee.
.039 Suspension or revocation of license -- Procedure for hearing and appeal upon suspension or revocation -- Limitations upon reissue of license -- Factors to be considered by commissioner.
.041 Suspension or revocation of designation of an agent -- Factors to be considered by commissioner -- Procedure for hearing and appeal upon revocation of designation -- Limitations upon future designation of agent after revocation.
.043 Power of commissioner to issue cease and desist orders -- Petition for temporary or permanent injunction.
.045 Emergency order governing suspension, limitation, or restriction of license or designation of agent -- Appeal from emergency order.
.047 Civil penalties.
.049 Consent orders.
.051 Commissioner's power to stay orders pending exhaustion of administrative remedies.
.053 Right of aggrieved person to apply for administrative hearing -- Appeal from final order to Franklin Circuit Court.
.055 Right of aggrieved person to file written complaint with commissioner -- Commissioner's power to investigate and resolve complaints -- Suspension of license for noncompliance with subpoena -- Petition to court for enforcement.
.059 Administrative proceedings to be conducted under KRS Chapter 13B.
.061 Powers and duties of department and commissioner relating to the regulation, supervision, and licensing of money transmitters.
.063 Licensees and agents to comply with all applicable federal and state laws.
.065 Licenses issued under provisions of former KRS Chapter 366 to remain in force.
.067 General Assembly intends to ensure safe and sound operation of money transmission in the Commonwealth.