Kentucky Statutes 286.11-005 – License required for persons engaging in money transmission — Prohibition against transfer or assignment of license
Current as of: 2024 | Check for updates
|
Other versions
(1) On or after October 1, 2006, no person shall engage in the business of money transmission in this state without a license, or without being an agent of a licensee, as provided in this subtitle.
(2) A person is deemed to be engaged in the business of money transmission under this subtitle if the person advertises those services, provides those services with or without compensation, solicits to provide those services, or holds itself out as providing those services to or from this state, even if the person has no physical presence in this state.
(3) A licensee may conduct its business in this state at one (1) or more locations, directly or indirectly owned, or through one (1) or more agents, or both, pursuant to the single license issued to the licensee.
(4) A license issued under this subtitle shall not be transferred or assigned.
Effective: April 24, 2006
History: Created 2006 Ky. Acts ch. 247, sec. 3, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the “Kentucky Financial Services Code.” Therefore, the Statute Reviser, acting under KRS § 7.136(1), has codified this section as a new section of KRS Chapter 286.
(2) A person is deemed to be engaged in the business of money transmission under this subtitle if the person advertises those services, provides those services with or without compensation, solicits to provide those services, or holds itself out as providing those services to or from this state, even if the person has no physical presence in this state.
Terms Used In Kentucky Statutes 286.11-005
- Agent: means a person authorized by written agreement and designated by the licensee to act on behalf of a licensee under the provisions of this subtitle. See Kentucky Statutes 286.11-003
- Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.11-003
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government or other recognized medium of exchange, including a monetary unit of account established by an intergovernmental organization or by agreement between two (2) governments. See Kentucky Statutes 286.11-003
- Money transmission: means engaging in the business of receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered, money or monetary value to another location inside or outside the United States by any and all means, including but not limited to wire, facsimile, electronic transfer, or issuing stored value. See Kentucky Statutes 286.11-003
- Person: means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, organization, joint venture, government and any subdivision, agency or instrumentality thereof, or any other legal or commercial
entity. See Kentucky Statutes 286.11-003 - State: means a state or commonwealth of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession that is subject to the jurisdiction of the United States. See Kentucky Statutes 286.11-003
- Statute: A law passed by a legislature.
(3) A licensee may conduct its business in this state at one (1) or more locations, directly or indirectly owned, or through one (1) or more agents, or both, pursuant to the single license issued to the licensee.
(4) A license issued under this subtitle shall not be transferred or assigned.
Effective: April 24, 2006
History: Created 2006 Ky. Acts ch. 247, sec. 3, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the “Kentucky Financial Services Code.” Therefore, the Statute Reviser, acting under KRS § 7.136(1), has codified this section as a new section of KRS Chapter 286.