Terms Used In Kentucky Statutes > Chapter 286 - Kentucky Financial Services Code

• Acquittal:
  1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
  2. A verdict of "not guilty."
   
• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means any person who directly or indirectly through one (1) or more intermediaries, controls, is controlled by, or is under common control with another person. See Kentucky Statutes 286.8-010
• Affiliate: means a person who directly or indirectly through one (1) or more intermediaries controls or is controlled by, or is under common control with, a licensee. See Kentucky Statutes 286.9-010
• Affiliate: means any person who directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with, another person. See Kentucky Statutes 286.11-003
• Affiliate: means any person who directly, or indirectly through one (1) or more intermediaries, controls, is controlled by, or is under common control with another person. See Kentucky Statutes 286.12-010
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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
• air contaminants: includes smoke, charred paper, dust, soot, grime, carbon, noxious acids, fumes, gases, odors, or particulate matter, or any combination thereof. See Kentucky Statutes 77.005
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Animal: includes every warm-blooded living creature except a human being. See Kentucky Statutes 446.010
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Applicant: means a person filing an application under this subtitle. See Kentucky Statutes 286.4-410
• Applicant: means a person filing an application or renewal application for a license under 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 286.12-010
• Appointing authority: means the agency head or any person whom he or she has authorized by law to designate to act on behalf of the agency with respect to employee appointments, position establishments, payroll documents, register requests, waiver requests, requests for certification, or other position actions. See Kentucky Statutes 18A.005
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Appropriation: means an authorization by the General Assembly to expend, from public funds, a sum of money not in excess of the sum specified, for the purposes specified in the authorization and under the procedure prescribed in KRS Chapter 48. See Kentucky Statutes 446.010
• Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
• Arrest: Taking physical custody of a person by lawful authority.
• Articles of incorporation: means the organizing documents of a corporation filed with the Secretary of State in accordance with KRS Chapter 271B or 275. See Kentucky Statutes 286.3-010
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney: means attorney-at-law. See Kentucky Statutes 446.010
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• authority: means any housing authority created pursuant to this chapter. See Kentucky Statutes 80.010
• Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Base salary or wages: means the compensation to which an employee is entitled under the salary schedules adopted pursuant to the provisions of KRS §. See Kentucky Statutes 18A.005
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
• Board: means the Personnel Board created by KRS §. See Kentucky Statutes 18A.005
• Board: means the board of commissioners in any city organized and governed under the city manager plan. See Kentucky Statutes 83A.010
• Board of directors: means the governing body of a corporation elected or otherwise chosen by the shareholders, including the managers of a limited liability company. See Kentucky Statutes 286.3-010
• Borrower: means any person that seeks, applies for, or obtains a mortgage loan. See Kentucky Statutes 286.8-010
• Borrower: means a person who:
  (a) Has received, or agreed to pay, a student education loan. See Kentucky Statutes 286.12-010
• Borrower working in public service: means a borrower who is employed in a public service job as defined in the Higher Education Act, 20 U. See Kentucky Statutes 286.12-010
• branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
• Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
• Cabinet: means the Justice and Public Safety Cabinet. See Kentucky Statutes 15A.011
• Cabinet: means the Personnel Cabinet provided for in KRS §. See Kentucky Statutes 18A.005
• Cabinet: means the Cabinet for Economic Development as established under KRS
  12. See Kentucky Statutes 154.1-010
• Capital offense: A crime punishable by death.
• Capital stock: shall mean , at any particular time, the sum of:
  (a) The par value of all shares of the corporation having a par value that have been issued. See Kentucky Statutes 286.3-010
• Capital stock: as used in this subtitle may be used interchangeably with the term savings account and savings certificate. See Kentucky Statutes 286.5-011
• Career employee: means a state employee with sixteen (16) or more years of permanent full-time state service, or the part-time employment equivalent of at least sixteen (16) years of full-time state service. See Kentucky Statutes 18A.005
• Case plan: means an individualized accountability and behavior change strategy for supervised individuals that:
  (a) Targets and prioritizes the specific criminal risk factors of the individual based upon his or her assessment results. See Kentucky Statutes 446.010
• Cashing: means providing currency for a payment instrument. See Kentucky Statutes 286.9-010
• Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
  (a) Sending the document or package. See Kentucky Statutes 446.010
• Check: means any check, draft, money order, personal money order, travelers' check, or other demand instrument for the transmission or payment of money. See Kentucky Statutes 286.9-010
• Check cashing license: means a license issued pursuant to this subtitle by the commissioner to conduct the business of cashing checks in this Commonwealth. See Kentucky Statutes 286.9-010
• City: includes town. See Kentucky Statutes 446.010
• Class: means a group of positions sufficiently similar as to duties performed, scope of discretion and responsibility, minimum requirements of training, experience, or skill, and such other characteristics that the same title, the same tests of fitness, and the same schedule of compensation have been or may be applied to each position in the group. See Kentucky Statutes 18A.005
• Classified employee: means an employee appointed to a position in the classified service under this chapter whose appointment and employment are subject to the classified service provisions of this chapter and the administrative regulations promulgated under this chapter. See Kentucky Statutes 18A.005
• classified position: is a position in the classified service. See Kentucky Statutes 18A.005
• Classified service: includes all the employment subject to the terms of this chapter except for those positions expressly cited in KRS §. See Kentucky Statutes 18A.005
• Classroom: means a physical classroom environment in which teachers and participants are physically present for the teaching of a course. See Kentucky Statutes 286.8-010
• clerical or support duties: means administrative functions such as gathering information, requesting information, word processing, sending correspondence, or assembling files, and may include:
  1. See Kentucky Statutes 286.8-010
• Clerk: means the clerk of the city or the clerk of the county, as the case may be, or the officer charged with the duties customarily imposed on such clerk. See Kentucky Statutes 80.010
• close: means that one (1) of the following has occurred in connection with a deferred deposit service transaction concerning the customer's payment instrument:
  (a) The payment instrument is redeemed by the customer by payment to the licensee of the face amount of the payment instrument in cash. See Kentucky Statutes 286.9-010
• Code of ordinances: means a reenactment of the body of positive municipal law, read and interpreted as a whole, with the text arranged by subject matter and properly indexed. See Kentucky Statutes 83A.010
• Commission: means the city commission in any city organized and governed under the commission plan. See Kentucky Statutes 83A.010
• Commissioner: means the commissioner of the Department of Juvenile Justice. See Kentucky Statutes 15A.011
• Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.3-010
• Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.5-011
• Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.6-005
• Commissioner: means the commissioner of the Department of Financial
  Institutions. See Kentucky Statutes 286.1-010
• Committee amendment: An amendment recommended by a committee in reporting a bill or other measure.
• Committee substitute: Short for committee amendment in the nature of a substitute.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
• Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Composite index: means a loose-leaf compilation of all ordinances listed by date of passage, arranged by subject matter of the contents and indexed alphabetically. See Kentucky Statutes 83A.010
• Consideration: means any premium or fee charged of any kind for the sale of goods or services in excess of the cash price of the goods or services. See Kentucky Statutes 286.9-010
• Consumer loan company: means a person licensed under this subtitle to engage in the business of making loans to a consumer for personal, family, or household use in the amount or value of fifteen thousand dollars ($15,000) or less. See Kentucky Statutes 286.4-410
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Control: means the power to direct the management or policies of a licensee or applicant, whether through ownership of securities, by contract, or otherwise. See Kentucky Statutes 286.4-410
• Control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Kentucky Statutes 286.8-010
• Control: means :
  (a) Ownership of, or the power to vote, directly or indirectly, twenty-five percent (25%) or more of a class of voting securities or voting interests of a licensee or applicant, or the person in control of a licensee or applicant. See Kentucky Statutes 286.9-010
• Control: means :
  (a) Ownership of, or the power to vote, directly or indirectly, twenty-five percent (25%) or more of a class of voting securities or voting interests of a licensee or applicant, or person in control of a licensee or applicant. See Kentucky Statutes 286.11-003
• Control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Kentucky Statutes 286.12-010
• Controlling person: means any person in control of a licensee. See Kentucky Statutes 286.11-003
• Conviction: A judgement of guilt against a criminal defendant.
• 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: means either a for-profit corporation or limited liability company. See Kentucky Statutes 286.3-010
• Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Council: means the city legislative body in any city organized and governed under the mayor-council plan. See Kentucky Statutes 83A.010
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
• Customer: means a person who inquires into the availability of or applies for a
  deferred presentment service transaction or a person who enters into a deferred presentment service transaction. See Kentucky Statutes 286.9-010
• Customer transaction data: means all data reported to the database pertinent to a particular customer transaction, including the date of the transaction, identification of the licensee and location, the sum of money involved, the time payment is deferred, fees charged, any alleged violations of this subtitle, and any identifying customer information. See Kentucky Statutes 286.9-010
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Database: means the database described in KRS §. See Kentucky Statutes 286.9-010
• Database provider: means one (1) of the following:
  (a) A third-party provider selected by the commissioner in accordance with KRS
  286. See Kentucky Statutes 286.9-010
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Defense attorney: Represent defendants in criminal matters.
• Deferred deposit service business license: means a license issued in accordance with this subtitle by the commissioner to conduct check cashing and deferred deposit service business in this Commonwealth. See Kentucky Statutes 286.9-010
• deferred presentment service transaction: means , for consideration, accepting a payment instrument, and holding the payment instrument for a period of time prior to deposit or presentment in accordance with an agreement with or any representation made to the customer whether express or implied. See Kentucky Statutes 286.9-010
• Delete: means to erase data by overwriting the data. See Kentucky Statutes 286.9-010
• Demotion: means a change in the rank of an employee from a position in one (1) class to a position in another class having a lower minimum salary range and less discretion or responsibility. See Kentucky Statutes 18A.005
• Department: means the Department of Juvenile Justice. See Kentucky Statutes 15A.011
• Department: means the Department of Financial Institutions. See Kentucky Statutes 286.3-010
• Department: means the Kentucky Department of Financial Institutions. See Kentucky Statutes 286.11-003
• Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
• Dependent: A person dependent for support upon another.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Depository institution: means a depository institution as defined in the Federal Deposit Insurance Act, 12 U. See Kentucky Statutes 286.8-010
• Devise: To gift property by will.
• Director: means a member of the board of directors. See Kentucky Statutes 286.3-010
• Director: means a member of a licensee's or applicant's board of directors if the applicant or licensee is a corporation, or manager if the applicant or licensee is a limited liability company, or a partner if the applicant or licensee is a partnership. See Kentucky Statutes 286.11-003
• Director: means a person appointed or elected to sit on a board that manages the affairs of a corporation or other organization by electing and exercising control over its officers. See Kentucky Statutes 286.12-010
• Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• District: means an air pollution control district. See Kentucky Statutes 77.005
• Dividends: means a distribution of money, stock, or other property to shareholders of a corporation. See Kentucky Statutes 286.3-010
• Docket: A log containing brief entries of court proceedings.
• Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
• Donor: The person who makes a gift.
• earnings: means that part of the net income of an association which is declared payable on savings accounts and savings certificates from time to time by the board of directors, and is the cost of savings money to the association. See Kentucky Statutes 286.5-011
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Electronic instrument: means a card or other tangible object for the transmission or payment of money, including a stored value card or device, which contains a microprocessor chip, magnetic stripe, or other means for storage of information, that is prefunded and for which the value is decremented upon each use, but does not include a card or other tangible object that is redeemable by the issuer in the issuer's goods and services. See Kentucky Statutes 286.11-003
• Eligible: refers to a person who has made a passing score on any examination required under KRS §. See Kentucky Statutes 18A.005
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Employ or use: means to employ, utilize, or contract with a person or the person's employees for the purpose of participating in the mortgage lending process,
  including the servicing of mortgage loans. See Kentucky Statutes 286.8-010
• Employee: means a person regularly appointed to a position in the state service for which he or she is compensated on a full-time, part-time, or interim basis. See Kentucky Statutes 18A.005
• En banc: In the bench or "full bench." Refers to court sessions with the entire membership of a court participating rather than the usual quorum. U.S. courts of appeals usually sit in panels of three judges, but may expand to a larger number in certain cases. They are then said to be sitting en banc.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Evidence-based practices: means policies, procedures, programs, and practices proven by scientific research to reliably produce reductions in recidivism when implemented competently. See Kentucky Statutes 446.010
• Ex officio: Literally, by virtue of one's office.
• Executive authority: means the mayor in any city organized and governed under the mayor-council plan or the mayor-alderman plan as provided in KRS Chapter 83, the commission in any city organized and governed under the commission plan, or the board of commissioners in any city organized under the city manager plan. See Kentucky Statutes 83A.010
• Executive officer: means a natural person holding the title or responsibility of president, vice president, chief executive officer, chief financial officer, chief operational officer, or chief compliance officer. See Kentucky Statutes 286.4-410
• 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
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Executor: A male person named in a will to carry out the decedent
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal government: includes the United States of America, the United States housing authority and its successor agencies, and any other agency or instrumentality of the United States of America. See Kentucky Statutes 80.010
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federally funded position: means a full-time or a part-time position in which the unclassified employee is eligible for benefits at the same level as a classified employee in a permanent position. See Kentucky Statutes 18A.005
• Federally funded time-limited employee: means an employee in the unclassified service, appointed to a position that is funded one hundred percent (100%) by a federal grant or grants. See Kentucky Statutes 18A.005
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Financial institution: means any person doing business under the laws of any state or commonwealth or the United States relating to banks, bank holding companies, savings banks, savings and loan associations, trust companies, or credit unions. See Kentucky Statutes 286.11-003
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• 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
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Full-time employee: means an employee in a full-time position. See Kentucky Statutes 18A.005
• Full-time position: means a position, other than an interim position, requiring an employee to work at least thirty-seven and one-half (37. See Kentucky Statutes 18A.005
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means , in the case of a city, the city council, the commission, board of commissioners, board of aldermen, or other legislative body of the city, and in the case of a county, the fiscal court. See Kentucky Statutes 80.010
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Grantor: The person who establishes a trust and places property into it.
• Gross income: means the sum for an accounting period of the following: (a) Operating income. See Kentucky Statutes 286.5-011
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Home: means a dwelling or dwellings for not more than four (4) families, the principal use of which is for residential purposes. See Kentucky Statutes 286.5-011
• Home loan: means a real estate loan the security for which is home property. See Kentucky Statutes 286.5-011
• Home property: means real estate on which there is located, or will be located pursuant to a home loan, a home or a combination home and business structure. See Kentucky Statutes 286.5-011
• Home state: means :
  (a) With respect to a state bank or out-of-state state bank, the state by which the bank is chartered. See Kentucky Statutes 286.3-010
• Home state regulator: means , with respect to an out-of-state state bank, the bank supervisory agency of the state in which such bank is chartered. See Kentucky Statutes 286.3-010
• Host state: means a state, other than the home state, in which the bank maintains, or seeks to establish and maintain, a branch. See Kentucky Statutes 286.3-010
• Housing: means a building or buildings containing rooms to be provided as living quarters, together with shops, stores, garages, laundries, doctors' and dentists' offices, and other facilities and appurtenances deemed reasonably necessary by the housing authority to the successful and economical operation of the project. See Kentucky Statutes 80.010
• Identifying customer information: means the name of the customer, his or her Social Security number, driver license number, or other state-issued identification number, address, any account numbers or information specific to a payment instrument provided by a customer to a licensee, a bank, savings bank, savings and loan association, or credit union, and any other nonpublic, personal financial information of a customer entered into the database or that comes into the possession of the database provider through customer or licensee inquiry or report. See Kentucky Statutes 286.9-010
• Immediate family member: means a spouse, child, sibling, parent, grandparent, or grandchild. See Kentucky Statutes 286.8-010
• Impaired condition: means a condition in which the assets of an association in the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association to its creditors, including its members and all other persons. See Kentucky Statutes 286.5-011
• Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
• In this state: means any activity of a person relating to servicing student education loans that originates:
  (a) Inside this state and is directed to persons inside or outside this state. See Kentucky Statutes 286.12-010
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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.
• Industrial entity: means any corporation, limited liability company, partnership, limited partnership, person, or any other legal entity, domestic or foreign, which
  will itself or through its subsidiaries or affiliates, engage in an industrial improvement project in the Commonwealth. See Kentucky Statutes 154.1-010
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insolvent: means that appearing upon examination of any licensee or its agent that its liabilities exceeds its assets or it cannot meet its obligations in the usual and ordinary course of business for any reason. See Kentucky Statutes 286.11-003
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Interim position: means a position established to address a one-time or recurring need of less than nine (9) months duration and exempt from the classified service under KRS §. See Kentucky Statutes 18A.005
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• 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
• Largest city: means the city with the greatest population within the county based upon the most recent federal decennial census conducted by the United States Census Bureau. See Kentucky Statutes 77.005
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legatee: A beneficiary of a decedent
• Legislative body: means the chief legislative body of the city, whether it is the board of aldermen, general council, board of commissioners, or otherwise. See Kentucky Statutes 77.005
• Legislative body member: means a city councilman in any city organized and governed under the mayor-council plan, a city commissioner in any city organized and governed under the commission plan, or city manager plan, or a city alderman in any city of the first class organized under the mayor-alderman plan provided by KRS Chapter 83. See Kentucky Statutes 83A.010
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.4-410
• Licensee: means a person to whom a license has been issued. See Kentucky Statutes 286.8-010
• Licensee: means a person who has been issued either a check cashing license or a deferred deposit service business license by the commissioner in accordance with this subtitle to conduct check cashing or deferred deposit service business in the Commonwealth. See Kentucky Statutes 286.9-010
• Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.11-003
• Licensee: means a person licensed as a student education loan servicer under this subtitle. See Kentucky Statutes 286.12-010
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Managing officer: means a natural person responsible for overseeing daily operations of a licensee. See Kentucky Statutes 286.12-010
• Managing principal: means a natural person who meets the requirements of KRS §. See Kentucky Statutes 286.4-410
• Managing principal: means a natural person who:
  (a) Meets the requirements of KRS §. See Kentucky Statutes 286.8-010
• Material fact: means a fact that a reasonable person knows, or should know, that could reasonably be expected to influence any decision or action taken by the commissioner under this subtitle. See Kentucky Statutes 286.4-410
• Maturity date: means the date on which a payment instrument is authorized to be redeemed or presented for payment. See Kentucky Statutes 286.9-010
• Mayor: means the mayor of the city or the officer thereof charged with the duties customarily imposed on the mayor or executive head of the city. See Kentucky Statutes 80.010
• Member: means a person holding a savings account or a savings certificate of an
  association, or a person borrowing from or assuming or obligated upon a loan or interest therein held by an association, or purchasing property securing a loan or interest therein held by an association. See Kentucky Statutes 286.5-011
• Military borrower: means a borrower who is:
  (a) A service member, as defined in the Service Member Civil Relief Act, 50
  U. See Kentucky Statutes 286.12-010
• Minor: means a person over fourteen (14) years of age and under eighteen (18)
  years of age. See Kentucky Statutes 286.5-011
• Mistrial: An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again from the selection of the jury.
• Monetary value: means a medium of exchange whether or not redeemable in money. 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
• Money transmission: means engaging in the business of receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered, money or monetary value to another location inside or outside the United States by any and all means, including but not limited to wire, facsimile, electronic transfer, or issuing stored value. See Kentucky Statutes 286.11-003
• Money transmitter: means a person that is engaged in money transmission. See Kentucky Statutes 286.11-003
• Month: means calendar month. See Kentucky Statutes 446.010
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on residential real property or any loan primarily for personal, family, or household use that is secured by collateral that has a mortgage lien interest in residential real property. See Kentucky Statutes 286.8-010
• Mortgage loan broker: means any person who for compensation or gain, or in the expectation of compensation or other gain, received directly or indirectly, serves as an agent for any borrower in an attempt to obtain a mortgage loan, or holds oneself out as being able to do so. See Kentucky Statutes 286.8-010
• Mortgage loan company: means any person who directly or indirectly:
  (a) Makes, purchases, or sells mortgage loans, or holds oneself out as being able to do so. See Kentucky Statutes 286.8-010
• Mortgage loan originator: means a natural person who:
  (a) 1. See Kentucky Statutes 286.8-010
• Mortgage loan processor: means a natural person who performs only clerical or support duties at the direction of and subject to the supervision and instruction of a mortgage loan originator. See Kentucky Statutes 286.8-010
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Municipal order: means an official act of the legislative body of a municipality which is binding upon the officers and employees of the municipality and any governmental agency over which the municipality has jurisdiction. See Kentucky Statutes 83A.010
• Municipality: means a county, city, or urban-county government. See Kentucky Statutes 286.3-010
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Net income: means gross income for an accounting period less the aggregate of the following:
  (a) Operating expenses. See Kentucky Statutes 286.5-011
• Net worth: means the excess of assets over liabilities as determined by generally accepted accounting principles. See Kentucky Statutes 286.11-003
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• obligee: shall include any bondholder, trustee or trustees for any bondholders, or lessor demising to the authority property used in connection with a housing project, or any assignee or assignees of such lessor's interest or any part thereof, and the federal government when it is a party to any
  contract with the authority. See Kentucky Statutes 80.010
• Operating expenses: means all expenses actually paid, or due but unpaid, by an association during an accounting period, excluding the following:
  (a) Real estate expenses. See Kentucky Statutes 286.5-011
• Operating income: means all income actually received by an association during an accounting period, excluding the following:
  (a) Foreclosed real estate income. See Kentucky Statutes 286.5-011
• Ordinance: means an official action of a city legislative body, which is a regulation of a general and permanent nature and enforceable as a local law or is an appropriation of money. See Kentucky Statutes 83A.010
• Originate: means to solicit, place, negotiate, offer to make, or broker a mortgage loan. See Kentucky Statutes 286.8-010
• Out-of-state bank: means a bank chartered under the laws of any state other than
  Kentucky. See Kentucky Statutes 286.3-010
• Out-of-state trust company: means a trust company that is chartered under the laws of a state other than Kentucky. See Kentucky Statutes 286.3-010
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
• Part-time position: means a position, other than an interim position, requiring an employee to work less than one hundred (100) hours per month. See Kentucky Statutes 18A.005
• 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
• Payment instrument: means a check, draft, money order, or traveler's check, for the transmission or payment of money sold or issued to one (1) or more persons, whether or not such instrument is negotiable. See Kentucky Statutes 286.9-010
• Payment instrument: means :
  1. See Kentucky Statutes 286.11-003
• Person: means any individual, firm, copartnership, joint adventure, association, corporation, social club, fraternal organization, estate, trust, receiver, syndicate, any county, city, municipality, district (for air pollution control or otherwise), or other political subdivision, or any group or combination acting as a unit, and the plural as well as the singular unit. See Kentucky Statutes 77.005
• Person: means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, organization, joint venture, government and any subdivision, agency or instrumentality thereof, or any other legal or commercial
  entity. See Kentucky Statutes 286.11-003
• Person: means an individual, partnership, joint venture, military facility operated by a department or agency of the United States, profit or nonprofit corporation including a public or private college or university, limited liability company, or other entity or association of persons organized for agricultural, commercial, health care, or industrial purposes. See Kentucky Statutes 154.1-010
• 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
• Personal estate: includes chattels, real and other estate that passes to the personal representative upon the owner dying intestate. See Kentucky Statutes 446.010
• Personal property: All property that is not real property.
• Persons of low income: means persons or families who lack the amount of income which is necessary, as determined by the housing authority undertaking the housing development, to enable them, without financial assistance, to live in decent, safe, and sanitary dwellings, without overcrowding. See Kentucky Statutes 80.010
• Physical location: means any location where the mortgage lending process, including the servicing of mortgage loans, is conducted. See Kentucky Statutes 286.8-010
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Population: means the population as indicated by the latest regular United States census. See Kentucky Statutes 286.3-010
• Position: means an office or employment in an agency (whether part-time, full- time, or interim, occupied, or vacant) involving duties requiring the services of one (1) person. See Kentucky Statutes 18A.005
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Private sector: means any source other than the authority, a state or federal entity,
  or an agency thereof. See Kentucky Statutes 154.1-010
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
• Promotion: means a change of rank of an employee from a position in one (1) class to a position in another class having a higher minimum salary or carrying a greater scope of discretion or responsibility. See Kentucky Statutes 18A.005
• Promotional probation: means the period of service, consistent with the length of the initial probationary period, following the promotion of an employee with status which must be successfully completed in order for the employee to retain the position to which he or she has been promoted. See Kentucky Statutes 18A.005
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
• Public body: means any city, county, commission, district, authority, or other public body or political subdivision of the Commonwealth. See Kentucky Statutes 80.010
• public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Quorum: The number of legislators that must be present to do business.
• real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
• Real estate expenses: means all expenses actually paid, or due but unpaid, in connection with the ownership, maintenance, and sale of real estate (other than office building or buildings and real estate held for investment) by an association during an accounting period, excluding capital expenditures and losses on the sale of real estate. See Kentucky Statutes 286.5-011
• Real estate income: means all income actually received by an association during an accounting period from real estate owned (other than from office building or buildings and real estate held for investment) excluding profit from sale of real estate. See Kentucky Statutes 286.5-011
• Real estate loan: means any loan or other obligation secured by real estate, whether in fee or in a leasehold. See Kentucky Statutes 286.5-011
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: includes all lands, including improvements and fixtures thereon, and property of any nature appurtenant thereto, or used in connection therewith, and every estate, interest and right, legal or equitable, therein, including terms for years and liens by way of judgment, mortgage, or otherwise and the indebtedness secured by such liens. See Kentucky Statutes 80.010
• Reallocation: means the correction of the classification of an existing position by placement of the position into the classification that is appropriate for the duties the employee has been and shall continue to perform. See Kentucky Statutes 18A.005
• Reclassification: shall mean the change in the classification of an employee when a material and permanent change in the duties or responsibilities of that employee has been assigned in writing by the appointing authority. See Kentucky Statutes 18A.005
• Record: means any books of account or other books, papers, journals, ledgers, statements, instruments, documents, files, messages, writings, correspondence, or other internal data or information, made or received in the regular course of business or otherwise, regardless of the mode in which it is recorded. See Kentucky Statutes 286.8-010
• Record: means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium, and is retrievable in perceivable form. See Kentucky Statutes 286.11-003
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Reemployment: shall mean the rehiring of an employee with status who has been laid off. See Kentucky Statutes 18A.005
• Register: means any official list of eligibles for a particular class and, except as provided in this chapter, placed in rank order according to the examination scores maintained for use in making original appointments or promotions to positions in the classified service. See Kentucky Statutes 18A.005
• Registered mail: means any governmental, commercial, or electronic method of delivery that allows a document or package to have:
  (a) Its chain of custody recorded in a register to enable its location to be tracked. See Kentucky Statutes 446.010
• Registrant: means a person to whom a registration has been issued. See Kentucky Statutes 286.8-010
• Regular election: means the election in even-numbered years at which members of Congress are elected and the election in odd-numbered years at which state officers are elected. See Kentucky Statutes 446.010
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remit: means either to make direct payment of the funds to the licensee or its representatives authorized to receive those funds, or to deposit the funds in a bank, credit union, or savings and loan association, or other similar financial institution in an account specified by the licensee. See Kentucky Statutes 286.11-003
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Residential mortgage loan application: means the submission of a borrower's financial information in anticipation of a credit decision, whether written or computer-generated, relating to a mortgage loan. See Kentucky Statutes 286.8-010
• Residential real property: means a dwelling as defined in the Federal Truth in Lending Act, 15 U. See Kentucky Statutes 286.8-010
• 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
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Reversion: means either the returning of a status employee to his or her last position held in the classified service, if vacant, or the returning of a status employee to a vacant position in the same or similar job classification as his or her
  last position held in the classified service. See Kentucky Statutes 18A.005
• Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Savings account: means that part of the savings liability of the association which is
  credited to the account of the holders thereof. See Kentucky Statutes 286.5-011
• Savings certificate: means that part of a savings account which is fully paid and is represented by a certificate. See Kentucky Statutes 286.5-011
• Savings liability: means the aggregate amount of savings accounts and savings certificates of members, including dividends credited to such accounts, less redemptions and withdrawals. See Kentucky Statutes 286.5-011
• Secretary: means the secretary of the Justice and Public Safety Cabinet. See Kentucky Statutes 15A.011
• Secretary: means the secretary of the Personnel Cabinet as provided for in KRS
  18A. See Kentucky Statutes 18A.005
• Seniority: means the total number of months of state service. See Kentucky Statutes 18A.005
• Service of process: The service of writs or summonses to the appropriate party.
• servicing: means :
  (a) Receiving any scheduled periodic mortgage loan payments from a borrower, including amounts for escrow accounts or other fees or obligations related to the mortgage loan, and making or crediting the payments to the mortgage loan account, owner of the loan, or a third party assigned to receive said payments. See Kentucky Statutes 286.8-010
• servicing: means participating in any of the following activities related to a student education loan:
  (a) Performing both of the following:
  1. See Kentucky Statutes 286.12-010
• 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.
• Share: means the shares of stock or the unit of equity into which the proprietary interests in a corporation are divided. See Kentucky Statutes 286.3-010
• shareholder: means an owner of the corporation's shares. See Kentucky Statutes 286.3-010
• Slum: means any area where dwellings predominate which, by reason of dilapidation, overcrowding, lack of ventilation, light, or sanitary facilities, or any combination of these factors are detrimental to safety, health and morals. See Kentucky Statutes 80.010
• 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
• State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Status: means the acquisition of tenure with all rights and privileges granted by the provisions of this chapter after satisfactory completion of the initial probationary period by an employee in the classified service. See Kentucky Statutes 18A.005
• Statute: A law passed by a legislature.
• Stock: means the corporation's shares. See Kentucky Statutes 286.3-010
• Stored value: means monetary value that is evidenced by an electronic record. See Kentucky Statutes 286.11-003
• Student education loan: means any loan to a borrower to finance postsecondary education or expenses related to postsecondary education. See Kentucky Statutes 286.12-010
• Subpoena: A command to a witness to appear and give testimony.
• Summary: means a brief narrative prepared under the supervision of an attorney succinctly covering the main points of an official statement, ordinance, or rule in a way reasonably calculated to inform the public in a clear and understandable
  manner as to its meaning. See Kentucky Statutes 83A.010
• Summons: Another word for subpoena used by the criminal justice system.
• Surplus: means the amount of consideration received by the corporation for all shares issued without par value that has not been allocated to capital stock or the amount of consideration received by the corporation in excess of par value for all shares with a par value, or both. See Kentucky Statutes 286.3-010
• Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• transacting business in Kentucky: means to participate in any meaningful way in the mortgage lending process, including the servicing of mortgage loans, with respect to any residential real property located in Kentucky. See Kentucky Statutes 286.8-010
• Transfer: means a movement of any employee from one (1) position to another of the same grade having the same salary ranges, the same level of responsibility within the classified service, and the same salary received immediately prior to transfer. See Kentucky Statutes 18A.005
• Treatment: when used in a criminal justice context, means targeted interventions
  that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
• Trust representative office: means an office at which a trust company has been authorized by the commissioner to engage in a trust business other than acting as a fiduciary. See Kentucky Statutes 286.3-010
• Trustee: A person or institution holding and administering property in trust.
• Undivided profits: means the composite of the bank's net retained earnings from current and prior years' operations. See Kentucky Statutes 286.3-010
• Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry. See Kentucky Statutes 286.8-010
• Unsafe or unsound practice: means a practice or conduct by a person licensed to provide money transmission, or an agent of such a person, which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the financial condition of the licensee or the interests of its customers. See Kentucky Statutes 286.11-003
• Uphold: The decision of an appellate court not to reverse a lower court decision.
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Usury rates: The maximum rate of interest lenders may charge borrowers. The usury rate is generally set by state law. ^{Source: OCC}
• validated risk and needs assessment: means an actuarial tool scientifically proven to determine a person's risk to reoffend and criminal risk factors, that when properly addressed, can reduce that person's likelihood of committing future criminal behavior. See Kentucky Statutes 446.010
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Victim advocate: work with prosecutors and assist the victims of a crime.
• Victim Impact Statement: A written or spoken statement by the victim or his or her representative about the physical, emotional, and financial impact of a crime on the victim. The statement is given to the court before sentencing.
• Violate: includes failure to comply with. See Kentucky Statutes 446.010
• Wholly owned subsidiary: means a subsidiary that is entirely owned or controlled by another person. See Kentucky Statutes 286.8-010
• Withdrawal value: means the amount credited to a savings account and savings certificate of a member, less lawful deductions therefrom, as shown by the records of the association. See Kentucky Statutes 286.5-011
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Year: means calendar year. See Kentucky Statutes 446.010