Kentucky Statutes 286.7-450 – Certificate of approval — Denial — Hearing — Appeal
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(1) The commissioner shall upon approval issue a certificate of approval in triplicate, one (1) copy of which shall be delivered to the applicant and one (1) copy to the Secretary of State which shall constitute the authority of the Secretary of State to file and record the articles as provided in the general corporation law.
(2) Upon the receipt of payment of fees and filing of the articles of incorporation by the Secretary of State, the commissioner shall issue a certificate or certificates authorizing the corporation to operate an industrial loan business in this state at the places specified, such certificates to be in any form the commissioner prescribes.
(3) The commissioner shall mail one (1) copy of the certificate to each office of the corporation and shall retain one (1) copy, which shall be filed in the office of the commissioner.
(4) If the commissioner does not approve the application, the commissioner shall notify the applicant of the denial and return the sum paid by the applicant as a fee for the privilege of doing business, retaining the fifty-dollar ($50) investigation fee.
(5) The commissioner shall approve or deny every application within sixty (60) days after the filing thereof with the fees paid, unless the time is extended by the commissioner for good cause.
(6) All findings of the commissioner, together with a summary of the evidence supporting them, shall be filed in the office of the commissioner as public records.
(7) The certificate or certificates issued to the corporation shall expire on the succeeding January 15, and shall be renewed only on compliance with the provisions of KRS § 286.7-410 to KRS § 286.7-600.
(8) Whenever the commissioner denies any application for certificate under the provisions of KRS § 286.7-410 to KRS § 286.7-600, the commissioner shall promptly file in his office a written order to that effect, stating his or her findings with respect thereto and the reasons for his or her action. The commissioner shall also promptly serve upon the applicant for a certificate a copy of the order. The applicant may request an administrative hearing to be conducted in accordance with KRS Chapter
13B. Any party aggrieved by a final order issued pursuant to a hearing authorized under this subsection may appeal to the Circuit Court of Franklin County in accordance with KRS Chapter 13B.
(9) The corporation shall not conduct any industrial loan business until it receives a certificate from the commissioner stating that it has fully complied with all the provisions of KRS § 286.7-410 to KRS § 286.7-600, and that the requisite capital is in good faith subscribed and paid in cash.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 752, effective July 15, 2010.- Created
1962 Ky. Acts ch. 166, sec. 4. — Amended 1996 Ky. Acts ch. 318, sec. 222, effective
July 15, 1996. –
Formerly codified as KRS § 291.450.
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.
(2) Upon the receipt of payment of fees and filing of the articles of incorporation by the Secretary of State, the commissioner shall issue a certificate or certificates authorizing the corporation to operate an industrial loan business in this state at the places specified, such certificates to be in any form the commissioner prescribes.
Terms Used In Kentucky Statutes 286.7-450
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(3) The commissioner shall mail one (1) copy of the certificate to each office of the corporation and shall retain one (1) copy, which shall be filed in the office of the commissioner.
(4) If the commissioner does not approve the application, the commissioner shall notify the applicant of the denial and return the sum paid by the applicant as a fee for the privilege of doing business, retaining the fifty-dollar ($50) investigation fee.
(5) The commissioner shall approve or deny every application within sixty (60) days after the filing thereof with the fees paid, unless the time is extended by the commissioner for good cause.
(6) All findings of the commissioner, together with a summary of the evidence supporting them, shall be filed in the office of the commissioner as public records.
(7) The certificate or certificates issued to the corporation shall expire on the succeeding January 15, and shall be renewed only on compliance with the provisions of KRS § 286.7-410 to KRS § 286.7-600.
(8) Whenever the commissioner denies any application for certificate under the provisions of KRS § 286.7-410 to KRS § 286.7-600, the commissioner shall promptly file in his office a written order to that effect, stating his or her findings with respect thereto and the reasons for his or her action. The commissioner shall also promptly serve upon the applicant for a certificate a copy of the order. The applicant may request an administrative hearing to be conducted in accordance with KRS Chapter
13B. Any party aggrieved by a final order issued pursuant to a hearing authorized under this subsection may appeal to the Circuit Court of Franklin County in accordance with KRS Chapter 13B.
(9) The corporation shall not conduct any industrial loan business until it receives a certificate from the commissioner stating that it has fully complied with all the provisions of KRS § 286.7-410 to KRS § 286.7-600, and that the requisite capital is in good faith subscribed and paid in cash.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 752, effective July 15, 2010.- Created
1962 Ky. Acts ch. 166, sec. 4. — Amended 1996 Ky. Acts ch. 318, sec. 222, effective
July 15, 1996. –
Formerly codified as KRS § 291.450.
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.