Kentucky Statutes 286.10-215 – Qualifications for license
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To qualify for a license, an applicant shall apply to the department and satisfy the following requirements:
(1) Be operating as a sole proprietorship, general partnership, limited liability partnership, corporation, or limited liability company duly qualified to do business in Kentucky;
(2) Demonstrate the existence of initial capital of and the maintenance of, at least one hundred thousand dollars ($100,000) for the security of all of the applicant’s licensed title pledge offices within the Commonwealth;
(3) Demonstrate the existence of a bond, with approved surety, in the amount of one hundred thousand dollars ($100,000) for the security of all of the applicant’s licensed title pledge offices within the Commonwealth. This bond shall be maintained for the benefit and security of the title pledge borrowers and for the benefit and security of the Commonwealth with respect to the civil and criminal penalties provided in KRS § 286.10-991; and
(4) Represent that the business will be operated lawfully, fairly, and ethically in accordance with KRS § 286.10-200 to KRS § 286.10-285 and KRS § 286.10-991.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 824, effective July 15, 2010. — Created
1998 Ky. Acts ch. 242, sec. 4, effective July 15, 1998.
Formerly codified as KRS § 368.215.
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.
(1) Be operating as a sole proprietorship, general partnership, limited liability partnership, corporation, or limited liability company duly qualified to do business in Kentucky;
Terms Used In Kentucky Statutes 286.10-215
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(2) Demonstrate the existence of initial capital of and the maintenance of, at least one hundred thousand dollars ($100,000) for the security of all of the applicant’s licensed title pledge offices within the Commonwealth;
(3) Demonstrate the existence of a bond, with approved surety, in the amount of one hundred thousand dollars ($100,000) for the security of all of the applicant’s licensed title pledge offices within the Commonwealth. This bond shall be maintained for the benefit and security of the title pledge borrowers and for the benefit and security of the Commonwealth with respect to the civil and criminal penalties provided in KRS § 286.10-991; and
(4) Represent that the business will be operated lawfully, fairly, and ethically in accordance with KRS § 286.10-200 to KRS § 286.10-285 and KRS § 286.10-991.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 824, effective July 15, 2010. — Created
1998 Ky. Acts ch. 242, sec. 4, effective July 15, 1998.
Formerly codified as KRS § 368.215.
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.