Kentucky Statutes 286.4-615 – Commonwealth or its employees not liable for failure to disclose financial condition of consumer loan company
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In undertaking the examination of a consumer loan company neither the Commonwealth of Kentucky, the commissioner of the Department of Financial Institutions, nor any examiner employed by the Commonwealth shall become liable to any depositor, investor, or other obligor of said consumer loan company by reason of said examination or omission of said examination to fully and effectively disclose the financial condition of said consumer loan company, it being the policy of the Commonwealth of Kentucky that such examinations as are required by KRS § 286.4-610 are for the purpose of determining compliance with state law and not for the purpose of protecting or guaranteeing the depositors, investors, or other obligors of said consumer loan companies.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 670, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 198, sec. 7, effective July 15, 1998. — Created 1980 Ky. Acts ch.
357, sec. 2, effective July 15, 1980.
Formerly codified as KRS § 288.615.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 286.4-615
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Consumer loan company: means a person licensed under this subtitle to engage in the business of making loans to a consumer for personal, family, or household use in the amount or value of fifteen thousand dollars ($15,000) or less. See Kentucky Statutes 286.4-410
- Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
History: Amended 2010 Ky. Acts ch. 24, sec. 670, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 198, sec. 7, effective July 15, 1998. — Created 1980 Ky. Acts ch.
357, sec. 2, effective July 15, 1980.
Formerly codified as KRS § 288.615.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.