808 KAR 6:015. Licensure application;

annual report.

 

      RELATES

TO: KRS Chapter 286.4

      STATUTORY

AUTHORITY: KRS 286.4-420, 286.4-430, 286.4-440, 286.4-450(1)(b), 286.4-480, 286.4-590,

286.4-610(1)

      NECESSITY,

FUNCTION, AND CONFORMITY: KRS 286.4-610(1) authorizes the commissioner to

promulgate administrative regulations for the proper conduct of the consumer

loan businesses licensed under KRS Chapter 286.4. KRS 286.4-430(1) authorizes

the commissioner to prescribe the form of the application for a license under

KRS Chapter 286.4. KRS 286.4-590 requires licensees to file an annual report

and authorizes the commissioner to prescribe the form of the annual report. This

administrative regulation establishes the procedures and forms for submitting

an application for licensure as a consumer loan company pursuant to KRS 286.4-430

and for filing an annual report pursuant to KRS 286.4-590.

 

      Section

1. Definitions. (1) "Commissioner" is defined by KRS 286.4-410(1)(a).

      (2)

"Consumer loan company" means a finance company licensed by the

commissioner to engage in the business of making loans in the amount or the

value of $15,000 or less at a greater rate of interest, or consideration therefore,

than otherwise permitted by law.

      (3)

"Licensee" is defined by KRS 286.4-410(1)(b).

      (4)

"Person" is defined by KRS 286.4-410(1)(c).

 

      Section

2. Licensure as a Consumer Loan Company. A person applying for licensure as a

consumer loan company shall complete and submit the following:

      (1)

Form CL-1, Application for a Consumer Loan License with all required

attachments;

      (2)

If the person applying for licensure as a consumer loan company is licensed or

registered in any other state or jurisdiction to operate a business making

loans of $15,000 or less at the time of application, a Form CL-4, State License

Confirmation Form, completed by each state or jurisdiction in which the person

is licensed or registered;

      (3)

The non-refundable application investigation fee established in KRS

286.4-440(1); and

      (4)

The annual license fee established in KRS 286.4-440(1).

 

      Section

3. Annual Report by Consumer Loan Licensees. A person filing an annual report

with the commissioner pursuant to KRS 286.4-590 shall complete and submit the

following on or before January 30 of each year:

      (1)

Form CL-2, Annual Report to the Department of Financial Institutions; and

      (2)

If the person has more than one (1) licensed location and chooses to complete

Form CL-2 as a composite report for all locations, a Form CL-3, Supplement to

the Annual Report to the Department of Financial Institutions for each licensed

location.

 

      Section

4. Incorporation by Reference. (1) The following material is incorporated by

reference:

      (a) Form CL-1 "Application for Kentucky

Consumer Loan Company License", March 2015;

      (b)

Form CL-2, "Annual Report to the Department of Financial Institutions",

March 2015;

      (c)

Form CL-3, "Supplement to the Annual Report to the Department of Financial

Institutions", March 2015; and

      (d)

Form CL-4, "State License Confirmation Form", March 2015.

      (2) This material may be inspected, copied, or

obtained, subject to applicable copyright law, at the Department of Financial

Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, Kentucky 40601,

Monday through Friday, 8 a.m. to 5 p.m. This material may also be obtained from

the department’s Web site at http://www.kfi.ky.gov. (41 Ky.R. 2462; Am. 42

Ky.R. 35; eff. 7-31-2015.)