KRS 286.4-410: Definitions -- Application of subtitle.

(1) As used in this subtitle, unless the context requires otherwise:

(a) "Applicant" means a person filing an application under this subtitle;

(b) "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;

(c) "Control" means the power to direct the management or policies of a licensee

or applicant, whether through ownership of securities, by contract, or

otherwise;

(d) "Executive officer" means a natural person holding the title or responsibility

of president, vice president, chief executive officer, chief financial officer,

chief operational officer, or chief compliance officer;

(e) "Licensee" means a person licensed under this subtitle;

(f) "Managing principal" means a natural person who meets the requirements of

KRS 286.4 -450 and actively participates in and is primarily responsible for

the operations of a licensee;

(g) "Material fact" means a fact that a reasonable person knows, or should know,

that could reasonably be expected to influence any decision or action taken by

the commissioner under this subtitle;

(h) "Nationwide consumer reporting agency" means a consumer reporting agency

that compiles and maintains files on consumers on a nationwide basis as

defined by Section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. sec.

1681a(p); and

(i) "Person in control of a licensee or applicant" means, with respect to an

applicant or licensee, any of the following:

1. A director, general partner, or executive officer;

2. In the case of a limited liability company, a managing member or

manager;

3. Any person who directly or indirectly has the right to vote twenty -five

percent (25%) or more of a class of voting securities;

4. Any person who has the power to sell or direct the sale of twenty -five

percent (25%) or more of a class of voting securities;

5. In the case of a partnership or limited liability company, any person that

has the right to receive twenty -five percent (25%) or more of the capital

upon dissolution; or

6. Any person that exercises control.

(2) This subtitle shall not apply to any person doing business under and as permitted by

any law of this state or of the United States relating to banks, savings banks, trust

companies, savings and loan associations, agricultural cooperative associations,

credit unions, or licensed pawnbrokers. This subtitle does not apply to the purchase

or acquisition, directly or indirectly, of notes, chattel mortgages, installment or

conditional sales contracts, embodying liens or evidencing title retention arising

from the bona fide sale of goods or services by a seller of the goods or services.