Kentucky Statutes 286.11-061 – Powers and duties of department and commissioner relating to the regulation, supervision, and licensing of money transmitters
Current as of: 2024 | Check for updates
|
Other versions
(1) The department shall exercise all administrative functions of the state in relation to the regulation, supervision, and licensing of money transmitters.
(2) The commissioner may promulgate, amend, and repeal any administrative regulations, forms, and orders as are necessary to interpret and enforce the provisions of this subtitle.
(3) The commissioner may request any additional information as the commissioner deems necessary to interpret and carry out any of the provisions of this subtitle from any applicant, licensee, agent, responsible individual, controlling person, executive officer, or key shareholder.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 857, effective July 15, 2010. — Created
2006 Ky. Acts ch. 247, sec. 31, 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.
(2) The commissioner may promulgate, amend, and repeal any administrative regulations, forms, and orders as are necessary to interpret and enforce the provisions of this subtitle.
Terms Used In Kentucky Statutes 286.11-061
- Agent: means a person authorized by written agreement and designated by the licensee to act on behalf of a licensee under the provisions of this subtitle. See Kentucky Statutes 286.11-003
- Applicant: means a person filing an application or renewal application for a license under this subtitle. See Kentucky Statutes 286.11-003
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Controlling person: means any person in control of a licensee. See Kentucky Statutes 286.11-003
- Department: means the Kentucky Department of Financial Institutions. See Kentucky Statutes 286.11-003
- Executive officer: means the president, chairperson of the executive committee, responsible individual, chief financial officer, and any other person who performs similar functions. See Kentucky Statutes 286.11-003
- Key shareholder: means any person, or group of persons acting in concert, who is the owner of twenty percent (20%) or more of any voting class of an applicant's or
licensee's stock. See Kentucky Statutes 286.11-003 - Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.11-003
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government or other recognized medium of exchange, including a monetary unit of account established by an intergovernmental organization or by agreement between two (2) governments. See Kentucky Statutes 286.11-003
- Responsible individual: means an individual who is employed by a licensee and has principal managerial authority over the provision of money transmission by the licensee in this state. See Kentucky Statutes 286.11-003
- State: means a state or commonwealth of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession that is subject to the jurisdiction of the United States. See Kentucky Statutes 286.11-003
- Statute: A law passed by a legislature.
(3) The commissioner may request any additional information as the commissioner deems necessary to interpret and carry out any of the provisions of this subtitle from any applicant, licensee, agent, responsible individual, controlling person, executive officer, or key shareholder.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 857, effective July 15, 2010. — Created
2006 Ky. Acts ch. 247, sec. 31, 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.