Kentucky Statutes 286.11-007 – Exemptions
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This subtitle does not apply to:
(1) The United States or any department, agency, or instrumentality thereof;
(2) The United States Post Office or a contractor acting on behalf of the United States
Post Office;
(3) A state or any agency, department, or political subdivision of a state;
(4) A financial institution or its subsidiaries, affiliates, and service corporations, or any office of an international banking corporation, branch of a foreign bank, or corporation organized pursuant to the Bank Service Corporation Act, 12 U.S.C. secs. 181 to 1867, or a corporation organized under the Edge Act, 12 U.S.C. secs.
611 to 633;
(5) A service provider that:
(a) Pursuant to a written agreement, acts on behalf of an entity exempt from licensure as set forth in subsection (4) of this section; and
(b) Allows the state or federal regulators with regulatory jurisdiction over the exempt entity to examine and inspect the service provider’s applicable records, books, and transactions;
(6) A service provider that receives money or monetary value on behalf of an entity selling goods or services other than money transmission services if:
(a) The entity, upon receipt of funds by the service provider, immediately either:
1. Provides the purchased goods or services to the purchaser; or
2. Credits the purchaser for the full amount of money or monetary value received by the service provider, which credit is not revocable by the entity, and evidences this credit in writing; and
(b) The entity is obligated to provide the purchased goods or services to the purchaser regardless of whether or not the service provider transmits the money or monetary value to the entity; or
(7) The provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 89, sec. 1, effective July 15, 2016. — Created
2006 Ky. Acts ch. 247, sec. 4, 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.
(1) The United States or any department, agency, or instrumentality thereof;
Terms Used In Kentucky Statutes 286.11-007
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Department: means the Kentucky Department of Financial Institutions. See Kentucky Statutes 286.11-003
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Financial institution: means any person doing business under the laws of any state or commonwealth or the United States relating to banks, bank holding companies, savings banks, savings and loan associations, trust companies, or credit unions. See Kentucky Statutes 286.11-003
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Monetary value: means a medium of exchange whether or not redeemable in money. 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
- 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.
(2) The United States Post Office or a contractor acting on behalf of the United States
Post Office;
(3) A state or any agency, department, or political subdivision of a state;
(4) A financial institution or its subsidiaries, affiliates, and service corporations, or any office of an international banking corporation, branch of a foreign bank, or corporation organized pursuant to the Bank Service Corporation Act, 12 U.S.C. secs. 181 to 1867, or a corporation organized under the Edge Act, 12 U.S.C. secs.
611 to 633;
(5) A service provider that:
(a) Pursuant to a written agreement, acts on behalf of an entity exempt from licensure as set forth in subsection (4) of this section; and
(b) Allows the state or federal regulators with regulatory jurisdiction over the exempt entity to examine and inspect the service provider’s applicable records, books, and transactions;
(6) A service provider that receives money or monetary value on behalf of an entity selling goods or services other than money transmission services if:
(a) The entity, upon receipt of funds by the service provider, immediately either:
1. Provides the purchased goods or services to the purchaser; or
2. Credits the purchaser for the full amount of money or monetary value received by the service provider, which credit is not revocable by the entity, and evidences this credit in writing; and
(b) The entity is obligated to provide the purchased goods or services to the purchaser regardless of whether or not the service provider transmits the money or monetary value to the entity; or
(7) The provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 89, sec. 1, effective July 15, 2016. — Created
2006 Ky. Acts ch. 247, sec. 4, 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.