Section 286.7-450 - Certificate of approval - Denial - Hearing - Appeal(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 286.7-600.(8) Whenever the commissioner denies any application for certificate under the provisions of KRS 286.7-410 to 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 286.7-600, and that the requisite capital is in good faith subscribed and paid in cash.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 752, effective7/15/2010.- Created 1962 Ky. Acts ch. 166, sec. 4. -- Amended 1996, Ky. Acts ch. 318, sec. 222, effective 7/15/1996. -