{"data":{"id":"us-ky/krs-286.12-070","jurisdiction":"us-ky","citation":"KRS 286.12-070","heading":"Assessment fee -- Renewal report.","body":"(1) As used in this section, \"wholly owned subsidiary\" means a subsidiary that is\nentirely owned or controlled by another person.\n(2) (a) A licensee shall pay an annual assessment fee no later than December 1 of\neach year.\n(b) The assessment fee required under this section shall:\n1. Be prescribed by the commissioner by order, which shall be reasonably\nadjusted by order five (5) years from July 14, 2022, and every five (5)\nyears thereafter;\n2. Be based on the volume of loans serviced in Kentucky, or for Kentucky\nresidents, between October 1 through September 30 of the preceding\nyear; and\n3. Cover the renewal fee for the licensee and any examination-related costs\nincurred by the department.\n(c) An adjustment made pursuant to paragraph (b)1. of this subsection may be\nbased on the nonseasonally adjusted Consumer Price Index for All Urban\nConsumers (CPI-U), U.S. City Average, All Items, as published by the United\nStates Bureau of Labor Statistics.\n(d) The commissioner shall set a minimum and maximum assessment fee to\naccount for low and high volume licensees.\n(3) A licensee shall annually file a written renewal report, in a form prescribed by the\ncommissioner, which shall include:\n(a) A copy of the licensee's most recent audited annual financial statement or, if\nthe li censee is a wholly owned subsidiary of another corporation, the most\nrecent audited consolidated annual financial statement of the parent\ncorporation;\n(b) For the most recent quarter for which data is available prior to the date of\nfiling of the renewal re port, but in no event more than one hundred twenty\n(120) days prior to the renewal report filing date:\n1. A list of the number of student education loans serviced by the licensee\nin this state;\n2. The dollar amount of the loans referenced in subparagraph 1. of this\nparagraph; and\n3. The dollar amount of the loans referenced in subparagraph 1. of this\nparagraph that are currently outstanding;\n(c) Any material changes to any of the information submitt ed by the licensee on\nits original application which have not previously been reported to the\ncommissioner on any other report required under this subtitle;\n(d) A list of the licensee's permissible investments in accordance with this\nsubtitle, any administrative regulation promulgated pursuant to this subtitle, or\nany order of the commissioner issued pursuant to this subtitle;\n(e) A certification that the licensee continues to maintain permissible investments\nin accordance with this subtitle, any administra tive regulation promulgated\npursuant to this subtitle, or any order of the commissioner issued pursuant to\nthis subtitle; and\n(f) A list of locations, including names, physical addresses, and telephone\nnumbers, in this state where the licensee is conductin g student education loan\nservicing, if any.\n(4) (a) The failure of a licensee to pay the annual assessment fee required under\nsubsection (2) of this section or to file the written renewal report required\nunder subsection (3) of this section by December 1 s hall result in the\nexpiration of the licensee's license by operation of law on December 31 of the\nsame year.\n(b) The commissioner may reinstate a license that has expired pursuant to\nparagraph (a) of this subsection if, within thirty (30) days of the expir ation of\nthe license, the licensee:\n1. Becomes compliant with this section; and\n2. Pays a civil penalty equal to one thousand dollars ($1,000).","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52731","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:15Z","sha256":"88dc461f4fc611daed715e5ef96e93acfb085f6933ac1f2ba3a08ea592d75075","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.12-060","next":"us-ky/krs-286.12-080"},"notice":"GroundRules: Original legal text. Not legal advice."}