{"data":{"id":"us-ky/krs-286.12-040","jurisdiction":"us-ky","citation":"KRS 286.12-040","heading":"Proposed change of control of licensee -- Information to be submitted --","body":"Commissioner's determination and approval.\n(1) As used in this section:\n(a) \"Control\":\n1. Means possession, directly or indirectly, of the power to direct or cause\nthe direction of the management and policies of a licensee, whether\nthrough the ownership of the licensee's voting stock, the ownership of\nvoting stock of any person that possesses such power over the licensee,\nor otherwise; and\n2. Shall be presumed to exist  for any person that, directly or indirectly,\nowns, controls, or holds with power to vote, ten percent (10%) or more\nof the following, except no person shall be deemed to control a licensee\nsolely by reason of being an officer or director of the licensee:\na. A licensee's voting stock; or\nb. The voting stock of a person that owns, controls, or holds with\npower to vote, ten percent (10%) or more of a licensee's voting\nstock; and\n(b) \"Legal representative\" means a person duly appointed by a court of competent\njurisdiction to act as executor, administrator, trustee, committee, conservator,\nor receiver, including a person acting in an ancillary capacity thereto in\naccordance with the provisions of the court appointment.\n(2) A licensee shall submit to the commissi oner, within fifteen (15) days after learning\nof a proposed change of control, and at least thirty (30) days prior to the proposed\nchange of control:\n(a) The name, address, and occupation of each new managing officer and director,\ngeneral partner, or managing member, as may be applicable; and\n(b) Any other information as the commissioner may require.\n(3) (a) The commissioner may determine whether or not the ownership, control, or\nholding of voting stock constitutes, or would constitute, control of a license e\nfor purposes of this section.\n(b) The following may make a request to the commissioner for a determination\nunder paragraph (a) of this subsection:\n1. A licensee;\n2. Any person that, directly or indirectly, owns, controls, or holds the\npower to vote, any voting stock of a licensee; or\n3. Any person that seeks to own, control, or hold power to vote, any voting\nstock of a licensee.\n(4) (a) Except as provided in subsectio n (6) of this section, no person shall take an\naction that results in a change in control of a licensee without prior written\napproval from the commissioner.\n(b) A person seeking to acquire control of a licensee shall:\n1. Submit a written application to, a nd on a form prescribed by, the\ncommissioner, which shall include:\na. The information and materials required for applications under\nKRS 286.12-030; and\nb. Any other information the commissioner deems necessary and\nappropriate for the purpose of making the determination required\nby subsection (5) of this section; and\n2. Pay an investigation fee prescribed by order of the commissioner.\n(5) The commissioner shall approve an application made under subsection (4) of this\nsection if the commissioner determines th at the requirements of this subtitle for\nobtaining a license will be satisfied after the change of control.\n(6) For a change of control by operation of law to the legal representative of a person\nwho has control of a licensee, the legal representative shal l, within six (6) months\nfrom the date of the representative's qualification or within any additional period of\ntime as the commissioner may, in writing, approve, make an application to the\ncommissioner under subsection (4) of this section for approval of the change of\ncontrol, which shall be determined by the commissioner in accordance with\nsubsection (5) of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52728","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:15Z","sha256":"68a1357050842df5edc761c5ee7e319f19b78e6ce807483449c351bf3b25bd3a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.12-030","next":"us-ky/krs-286.12-050"},"notice":"GroundRules: Original legal text. Not legal advice."}