Kentucky Statutes 286.7-540 – When certificate required
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No corporation organized under the provisions of KRS § 286.7-410 to KRS § 286.7-600, nor any foreign corporation, nor any other person not authorized by other specific statutory provisions, shall engage in the business of making loans at a rate of interest in excess of the legal rate of interest prescribed in KRS § 360.010 unless there is on file in the office of the commissioner a certificate issued by the commissioner authorizing the transaction of an industrial loan business under the provision of KRS § 286.7-410 to KRS § 286.7-600.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 757, effective July 15, 2010. — Created
1962 Ky. Acts ch. 166, sec. 9.
Formerly codified as KRS § 291.540.
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.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 286.7-540
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- Statute: A law passed by a legislature.
History: Amended 2010 Ky. Acts ch. 24, sec. 757, effective July 15, 2010. — Created
1962 Ky. Acts ch. 166, sec. 9.
Formerly codified as KRS § 291.540.
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.