KRS 286.1-011: Department of Financial Institutions -- Appointment of commissioner

and deputy commissioner -- Seal -- Functions -- Divisions within department.

(1) There is created within the Public Protection Cabinet a Department of Financial

Institutions headed by a commissioner, who shall be:

(a) The executive head of the department; and

(b) Charged with the administration of the department.

(2) (a) The Governor, in accordance with KRS 12.040, shall appoint as

commissioner a person knowledgeable in bank ing with not less than three (3)

years of banking experience.

(b) As used in this subsection, "banking experience" means service as:

1. An executive officer in a bank with its principal office located in

Kentucky; or

2. An executive with policy making auth ority in a state or federal agency

having regulatory authority over an insured financial institution or

another financial institution that is regulated by the department.

(3) (a) With prior written approval of the Governor, the secretary of the Public

Protection Cabinet may appoint a deputy commissioner.

(b) The deputy commissioner shall be vested with all of the powers, and perform

all of the duties, of the commissioner:

1. During the absence or inability of the commissioner;

2. At other times as the commissioner may instruct; or

3. During any vacancy in the office of the commissioner.

(4) (a) The commissioner shall devise a seal for the department, which shall be

renewed whenever necessary.

(b) A description and impression of the seal shall be:

1. Approved by the Governor; and

2. Filed, together with a certificate of approval from the Governor, in the

office of the Secretary of State.

(5) The department shall exercise all administr ative functions of the state in relation to

the regulation, supervision, chartering, and licensing of:

(a) Persons under this chapter; and

(b) Securities and persons under KRS Chapter 292.

(6) (a) There are established within the department the following divisions:

1. The Division of Depository Institutions;

2. The Division of Non-Depository Institutions; and

3. The Division of Securities.

(b) Each division shall be headed by a director appointed by the secretary of the

Public Protection Cabinet in accordance with KRS 12.050.