Kentucky Statutes 286.9-020 – Requirement of license
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Except as provided in KRS § 286.9-030, no person shall engage in the business of cashing checks or accepting deferred deposit transactions for a fee or other consideration without having first obtained a license. A separate license shall be required for each location from which the business of cashing checks or accepting deferred deposit transactions is conducted. Any person engaged in that business on the effective date of this section may continue to engage in the business without a license until the commissioner shall have acted upon his or her application for a license if the application is filed within sixty (60) days after April 14, 1998.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 798, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 601, sec. 2, effective April 14, 1998. — Created 1992 Ky. Acts ch.
213, sec. 2, effective July 14, 1992; and ch. 341, sec. 2, effective July 14, 1992.
Formerly codified as KRS § 368.020.
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 286.9-020
- Cashing: means providing currency for a payment instrument. See Kentucky Statutes 286.9-010
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Consideration: means any premium or fee charged of any kind for the sale of goods or services in excess of the cash price of the goods or services. See Kentucky Statutes 286.9-010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- Statute: A law passed by a legislature.
History: Amended 2010 Ky. Acts ch. 24, sec. 798, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 601, sec. 2, effective April 14, 1998. — Created 1992 Ky. Acts ch.
213, sec. 2, effective July 14, 1992; and ch. 341, sec. 2, effective July 14, 1992.
Formerly codified as KRS § 368.020.
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.