{"data":{"id":"us-ky/krs-286.11-025","jurisdiction":"us-ky","citation":"KRS 286.11-025","heading":"Changes in control of a licensee.","body":"(1) A licensee shall give the commissioner written notice of a proposed change of\ncontrol within fifteen (15) days after learning of the proposed change of control and\nat least thirty (30) days prior to the proposed change of control.\n(2) A licensee shall file  a written request for approval of the acquisition with the\ncommissioner. A licensee shall also submit, with the notice, a nonrefundable fee of\none hundred dollars ($100).\n(3) After review of a request for approval under subsection (1) of this section, the\ncommissioner may require the licensee to provide additional information\nconcerning the proposed person in control.\n(4) The commissioner shall approve a request for change of control under subsection\n(1) of this section if, after investigation, the commiss ioner determines that the\nperson or group of persons requesting approval has the competence, experience,\ncharacter, financial condition, and responsibility to operate the licensee or person in\ncontrol of the licensee in a lawful and proper manner and that the interest of the\npublic will not be jeopardized by the change of control.\n(5) The following persons are exempt from the requirements of subsection (1) of the\nsection, but the licensee shall notify the commissioner, within fifteen (15) days after\nlearning of a change of control:\n(a) A person that acts as a proxy for the sole purpose of voting at a designated\nmeeting of the security holders or holders of voting interests of a licensee or\nperson in control of a licensee;\n(b) A person that acquires control of a licensee by devise or descent;\n(c) A person that acquires control as a personal representative, custodian,\nguardian, conservator, or trustee, or as an officer appointed by a court of\ncompetent jurisdiction or by operation of law; and\n(d) A person that the commissioner exempts by regulation or order if it is in the\npublic interest to do so.\n(6) Subsection (1) of this section does not apply to public offerings of securities.\n(7) Before filing a request for approval to acquire control, a person may request  in\nwriting a determination from the commissioner as to whether the person would be\nconsidered a person in control of a licensee upon consummation of a proposed\ntransaction. If the commissioner determines that the person would not be a person in\ncontrol of  a licensee, then the commissioner may enter an order or respond in\nwriting, to that effect, and the proposed person and transaction shall not be subject\nto the requirements of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14956","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:15Z","sha256":"6741407a6894fba39981503131375dc9dfbfcd7c66e0ed57c6da0cf89b9ed451","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.11-023","next":"us-ky/krs-286.11-027"},"notice":"GroundRules: Original legal text. Not legal advice."}