KRS 286.8-075: Change of control.

(1) As used in this section, "change of control" means:

(a) A transfer of voting stock which results in giving a person, directly or

indirectly, the power to direct the management and policy of a mortgage loan

company or mortgage loan broker; or

(b) A transfer of at least ten percent (10%) of the outstanding voting stock of a

mortgage loan company or a mortgage loan broker.

(2) A transfer of voting stock of a mortgage loan company or mortgage loan broker

which constitutes a change of control shall be approved i n writing by the

commissioner, prior to the transfer.

(3) The owner, president, chief executive officer or a partner shall apply to the

commissioner for approval of a transfer of voting stock in his mortgage loan

company or mortgage loan broker which const itutes a change of control. The

application must contain information which shows that the requirements of this

subtitle for obtaining a license will be satisfied after the change of control.