(1) Any person who shall engage in the business of financing insurance premiums in this state without obtaining a license as provided by KRS § 304.30-030(1) shall, upon conviction by a court of competent jurisdiction, be guilty of a misdemeanor and shall be subject to a fine of not more than one thousand dollars ($1,000) or be imprisoned not more than one (1) year, or both.
(2) In lieu of or in addition to revoking or suspending the license of an insurance premium finance company for any of the causes enumerated in KRS § 304.30-050, after a hearing as provided in KRS § 304.30-050 the commissioner may subject such company to a penalty of not more than one thousand dollars ($1,000) for each offense.

Terms Used In Kentucky Statutes 304.99-140

  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1662, effective July 15, 2010. — Created
1982 Ky. Acts ch. 320, sec. 49, effective July 15, 1982.

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