KRS 286.9-070: Investigation by department -- Issuance of license -- Posting of license --

License period -- Licensee's duty to notify department -- Transfer or

assignment of license -- Abandonment.

(1) Upon the filing of a completed application in a form prescrib ed by the

commissioner, accompanied by the fee and documents required in KRS 286.9 -060,

the commissioner shall investigate to ascertain whether the qualifications prescribed

by KRS 286.9 -040 have been satisfied. If the commissioner finds that the

qualifications have been satisfied, and if the commissioner approves the documents,

he or she shall issue to the applicant a license to engage in the business of cashing

checks or deferred deposit transactions in this Commonwealth.

(2) The license shall be kept con spicuously posted in the place of business of the

licensee.

(3) A license issued under this section shall remain in force and effect through the

remainder of the fiscal year ended June 30 following its date of issuance, unless

surrendered, suspended, or re voked under this subtitle. A license issued under this

subtitle shall expire by June 30 following the date of its issuance unless renewed by

the filing of a completed renewal application and payment of the required fees with

the commissioner.

(4) A license e shall notify the commissioner in writing at least fifteen (15) business

days before any change in the licensee's business location or name.

(5) A licensee shall file a written request for a change of control of that licensee with

the commissioner at leas t fifteen (15) business days prior to any change of control

of the licensee. The commissioner may require additional information considered

necessary to determine whether a new application for a license is required. The

person who requests the approval for a change of control shall pay the cost incurred

by the commissioner in investigating the change of control request.

(6) A license issued under this subtitle shall be transferable or assignable in cases of

ownership changes of the business or to facilitate the transfer or assignment of a

license if the licensee is closing an alternate office location, subject to approval of

the commissioner and based on existing criteria of new applicant approvals in

accordance with this section.

(7) The commissioner may de em an application or renewal application abandoned

when the application received is incomplete and the applicant fails to provide any

required information or fee under this subtitle or fails to respond to a request by the

commissioner for further information.