{"data":{"id":"us-ky/krs-286.1-440","jurisdiction":"us-ky","citation":"KRS 286.1-440","heading":"Appointment of examiners -- Oath -- Restrictions on debt and stock","body":"ownership -- Contracts for services of agency's examiners.\n(1) (a) The commissioner shall appoint a sufficient number of examiners and\nassistant examiners to examine all ins titutions coming under the supervision\nof the department.\n(b) A salary schedule for examiners and assistant examiners shall be prepared by\nthe commissioner and presented to the secretary of the Finance and\nAdministration Cabinet for approval.\n(2) The commi ssioner, the deputy commissioner, and each examiner shall take the\nconstitutional oath of office.\n(3) (a) Neither the commissioner, nor the deputy commissioner, nor any examiner or\nassistant examiner shall be:\n1. Indebted, directly or indirectly, as borrow er, indorser, surety, or\nguarantor to any financial institution under his or her supervision or\nsubject to his or her examination;\n2. A director, officer, or employee of a financial institution under his or her\nsupervision or subject to his or her examination; or\n3. Engaged, or become interested, in the:\na. Sale of securities as a business; or\nb. Negotiation of loans for others.\n(b) Any financial institution to which any person becomes indebted in violation\nof this subsection shall immediately, upon notice of the violation or possible\nviolation, report the fact to:\n1. The commissioner; or\n2. If the debtor is or may be the commissioner , the secretary of the Public\nProtection Cabinet.\n(c) Subject to paragraph (d) of this subsection, any person who violates this\nsubsection may be removed from office.\n(d) An order of removal under paragraph (c) of this subsection shall not be issued\nwithout notice to the person, opportunity for a hearing, and written findings of\nfact and conclusions of law in accordance with KRS Chapter 13B.\n(4) No person shall be assigned to examine the affairs of any bank or trust company in\na county in which he or she ho lds stock in either a state or national bank or trust\ncompany.\n(5) (a) The commissioner may enter into contracts with any bank supervisory agency\nthat has concurrent jurisdiction over a state bank or the branch of an out -of-\nstate bank operating in this state to:\n1. Engage the services of the agency's examiners at a reasonable rate of\ncompensation; or\n2. Provide the services of the commissioner's examiners to the agency at a\nreasonable rate of compensation.\n(b) Any contract entered into pursuant to this subs ection shall be deemed a sole\nsource contract under the provisions of KRS 45A.095.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55135","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:35Z","sha256":"570c27a368f9591fc4a29b1c00ed90fe1b320d6aff11c38faf2666e475d4b111","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.1-025","next":"us-ky/krs-286.1-485"},"notice":"GroundRules: Original legal text. Not legal advice."}