Subtitle 286.11 - Money Transmitters

Subtitle 286.11 - Money Transmitters

286.11-001 Short title.
286.11-003 Definitions for subtitle.
286.11-005 License required for persons engaging in money transmission -- Prohibition against transfer or assignment of license.
286.11-007 Exemptions.
286.11-009 Contents of application -- Additional information to be provided by corporate applicants -- Power of commissioner to waive requirements.
286.11-011 Minimum net worth of licensee.
286.11-013 Bond or other security devices.
286.11-015 Permissible investments -- Power of commissioner to define permissible investments -- All permissible investments deemed to be held in trust for benefit of purchasers and holders.
286.11-017 Application fee and license fee.
286.11-019 Powers of commissioner to approve, deny, or refuse to issue or renew licenses -- Procedure for hearing and appeal upon denial of license -- Reapplication after denial.
286.11-021 Renewal of license and annual report -- Expiration and reinstatement of license.
286.11-023 Extraordinary reporting requirements.
286.11-025 Changes in control of a licensee.
286.11-027 Examinations and investigations.
286.11-029 Maintenance of records.
286.11-031 Filing and maintenance of reports required by federal and state law governing money laundering.
286.11-032 Definition -- Commissioner's power to order submission of required filings to the registry, its parent or affiliate, and other agencies or authorities -- Power to establish relationships or contracts with governmental agencies and the registry or its affiliates -- Report of violations, enforcement actions, and other relevant information -- Procedure for requesting information from and distributing information to the United States Department of Justice.
286.11-033 Confidentiality of data submitted to commissioner.
286.11-035 Authorized agent contracts.
286.11-037 Authorized agent conduct -- Commingled proceeds deemed trust funds -- Agent's duty to report to licensee.
286.11-039 Suspension or revocation of license -- Procedure for hearing and appeal upon suspension or revocation -- Limitations upon reissue of license -- Factors to be considered by commissioner.
286.11-041 Suspension or revocation of designation of an agent -- Factors to be considered by commissioner -- Procedure for hearing and appeal upon revocation of designation -- Limitations upon future designation of agent after revocation.
286.11-043 Power of commissioner to issue cease and desist orders -- Petition for temporary or permanent injunction.
286.11-045 Emergency order governing suspension, limitation, or restriction of license or designation of agent -- Appeal from emergency order.
286.11-047 Civil penalties.
286.11-049 Consent orders.
286.11-051 Commissioner's power to stay orders pending exhaustion of administrative remedies.
286.11-053 Right of aggrieved person to apply for administrative hearing -- Appeal from final order to Franklin Circuit Court.
286.11-055 Right of aggrieved person to file written complaint with commissioner -- Commissioner's power to investigate and resolve complaints -- Suspension of license for noncompliance with subpoena -- Petition to court for enforcement.
286.11-057 Penalties.
286.11-059 Administrative proceedings to be conducted under KRS Chapter 13B.
286.11-061 Powers and duties of department and commissioner relating to the regulation, supervision, and licensing of money transmitters.
286.11-063 Licensees and agents to comply with all applicable federal and state laws.
286.11-065 Licenses issued under provisions of former KRS Chapter 366 to remain in force.
286.11-067 General Assembly intends to ensure safe and sound operation of money transmission in the Commonwealth.

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