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Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.4-610.Commissioner's power to issue administrative regulations and examine licensees; investigations; enforcement of subpoena; powers of commissioner

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The provisions of this subtitle shall be enforced by the commissioner, who may promulgate administrative regulations in accordance with KRS Chapter 13A for the proper conduct of the business licensed under this subtitle. All regulations of general application shall state the date of promulgation and the effective date. A copy of every regulation shall be sent to all licensees before the effective date thereof and a copy shall be kept in an indexed permanent book in the office of the commissioner as a public record.

(2)(a) The commissioner shall examine the affairs, business, office, and records of every licensee at least once during every twenty-four (24) month period, but not more frequently than once during every twelve (12) month period. Every licensee shall pay a reasonable fee sufficient to cover the cost of each routine examination based upon fair compensation for time and actual expenses.

(b) The commissioner may also conduct investigations of licensees or persons within or outside of the state as the commissioner deems necessary to discover violations of this subtitle or to secure information necessary for its proper enforcement.

(c) For the purpose of making examinations or investigations under this section, the commissioner and his or her representatives:

1. May:

a. Compel the attendance of any person or obtain any documents by subpoenas;

b. Administer oaths and affirmations; and

c. Examine under oath or affirmation all persons whose testimony he or she may require, relative to the loans or business of the licensee; and

2. Shall have free access to the accounts, papers, records, files, safes, vaults, offices, and places of business used in connection with any business conducted under any license issued in accordance with this subtitle.

(3)(a) The commissioner may investigate any person who is or appears to be engaging in the business regulated by this subtitle without first securing a license.

(b) For the purpose of investigations of unlicensed persons, the commissioner or his or her representative may:

1. Compel the attendance of any person or obtain any documents by subpoenas;

2. Administer oaths and affirmations; and

3. Examine under oath or affirmation all persons whose testimony he or she may require, relative to the loans or business of the person.

(4) If any person fails to comply with a subpoena issued by the commissioner under this section, the commissioner may petition the Franklin Circuit Court or any court of competent jurisdiction for enforcement of the subpoena.

(5) In order to carry out the purposes of this subtitle, the commissioner may:

(a) Retain examiners, auditors, investigators, attorneys, accountants, or other professionals and specialists to conduct or assist in the conduct of any examination, investigation, or enforcement action; and

(b) Use, hire, contract, or employ public or private analytical systems, methods, or software.

(6) The authority of this section shall remain in effect whether a person acts or claims to act under any licensing law of this subtitle or acts or claims to act without such authority.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.4-610.Commissioner's power to issue administrative regulations and examine licensees; investigations; enforcement of subpoena; powers of commissioner - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-286-4-610/

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