Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.12-070.Assessment fee; renewal report

(2) (a) A licensee shall pay an annual assessment fee no later than December 1 of each year.

(b) The assessment fee required under this section shall:

(c) An adjustment made pursuant to paragraph (b)1. of this subsection may be based on the nonseasonally adjusted Consumer Price Index for All Urban Consumers (CPI-U), U.S. City Average, All Items, as published by the United States Bureau of Labor Statistics.

(d) The commissioner shall set a minimum and maximum assessment fee to account for low and high volume licensees.

(a) A copy of the licensee's most recent audited annual financial statement or, if the licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation;

(b) For the most recent quarter for which data is available prior to the date of filing of the renewal report, but in no event more than one hundred twenty (120) days prior to the renewal report filing date:

(c) Any material changes to any of the information submitted by the licensee on its original application which have not previously been reported to the commissioner on any other report required under this subtitle;

(d) A list of the licensee's permissible investments in accordance with this subtitle, any administrative regulation promulgated pursuant to this subtitle, or any order of the commissioner issued pursuant to this subtitle;

(e) A certification that the licensee continues to maintain permissible investments in accordance with this subtitle, any administrative regulation promulgated pursuant to this subtitle, or any order of the commissioner issued pursuant to this subtitle; and

(f) A list of locations, including names, physical addresses, and telephone numbers, in this state where the licensee is conducting student education loan servicing, if any.

(4) (a) The failure of a licensee to pay the annual assessment fee required under subsection (2) of this section or to file the written renewal report required under subsection (3) of this section by December 1 shall result in the expiration of the licensee's license by operation of law on December 31 of the same year.

(b) The commissioner may reinstate a license that has expired pursuant to paragraph (a) of this subsection if, within thirty (30) days of the expiration of the license, the licensee: