Kentucky Statutes 304.9-467 – Notification of surrender or termination of license — Report of administrative action — Notification of service of complaint or indictment — Documentation of resolution
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(1) An individual or business entity holding a license issued under this subtitle or holding a license as a surplus lines broker, life settlement broker, or life settlement provider shall notify the commissioner in writing immediately if the licensee’s license to conduct insurance, securities, real estate, auctioneer, investment, financial, or financial planning business of any kind in this state or elsewhere is surrendered or terminated under threat of disciplinary action, refused, suspended, revoked, or renewal of continuance is denied.
(2) A licensee shall report to the commissioner any administrative action taken against the licensee in another jurisdiction or by another governmental agency in Kentucky within thirty (30) days of the final disposition of the matter. This report shall include:
(a) A written statement identifying the type of license and explaining the circumstances of each incident;
(b) A copy of the notice of hearing or other document that states the charges and allegations; and
(c) A copy of the official document which demonstrates the resolution of the charges or any final judgment.
(3) Within thirty (30) days of service upon the licensee of any criminal complaint, information, or indictment in any jurisdiction, the licensee shall submit to the commissioner the following:
(a) A written statement explaining the circumstances of each incident; (b) A copy of the charging document; and
(c) A copy of the official document which demonstrates the resolution of the charges or any final judgment.
(4) If the charges alleged in the criminal complaint, information, or indictment have not been finally resolved within the thirty (30) day period following service of the criminal complaint, information, or indictment, the licensee shall, within thirty (30) days following the resolution of the charges, submit to the commissioner a copy of the official document which demonstrates the resolution of the charges or any final judgment.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1078, effective July 15, 2010. — Amended 2008 Ky. Acts ch. 32, sec. 20, effective July 15, 2008. — Created 2002 Ky. Acts ch. 273, sec. 37, effective July 15, 2002.
(2) A licensee shall report to the commissioner any administrative action taken against the licensee in another jurisdiction or by another governmental agency in Kentucky within thirty (30) days of the final disposition of the matter. This report shall include:
Terms Used In Kentucky Statutes 304.9-467
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer organization, or other legal entity. See Kentucky Statutes 304.9-020
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Continuance: Putting off of a hearing ot trial until a later time.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) A written statement identifying the type of license and explaining the circumstances of each incident;
(b) A copy of the notice of hearing or other document that states the charges and allegations; and
(c) A copy of the official document which demonstrates the resolution of the charges or any final judgment.
(3) Within thirty (30) days of service upon the licensee of any criminal complaint, information, or indictment in any jurisdiction, the licensee shall submit to the commissioner the following:
(a) A written statement explaining the circumstances of each incident; (b) A copy of the charging document; and
(c) A copy of the official document which demonstrates the resolution of the charges or any final judgment.
(4) If the charges alleged in the criminal complaint, information, or indictment have not been finally resolved within the thirty (30) day period following service of the criminal complaint, information, or indictment, the licensee shall, within thirty (30) days following the resolution of the charges, submit to the commissioner a copy of the official document which demonstrates the resolution of the charges or any final judgment.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1078, effective July 15, 2010. — Amended 2008 Ky. Acts ch. 32, sec. 20, effective July 15, 2008. — Created 2002 Ky. Acts ch. 273, sec. 37, effective July 15, 2002.