{"data":{"id":"us-ky/krs-286.12-120","jurisdiction":"us-ky","citation":"KRS 286.12-120","heading":"Emergency orders.","body":"(1) The commissioner may enter:\n(a) An emergency order suspending, conditioning, limiting, or restricting a license\nissued under this subtitle without notice or hearing if, after an investigation\nand written findings, it appears upon grounds satisfactory to the commissioner\nthat the licensee  has engaged, or is about to engage, in unsafe, unsound, or\nillegal practices that pose an imminent threat or harm to the public interest;\nand\n(b) An emergency cease-and-desist order against an unlicensed person if, after an\ninvestigation and written findi ngs, it appears upon grounds satisfactory to the\ncommissioner that the unlicensed person has engaged, or is about to engage,\nin unsafe or unsound practices, or actions contrary to this subtitle, that pose an\nimminent threat or harm to the public interest.\n(2) There shall be sufficient grounds for an emergency order under subsection (1)(a) of\nthis section if it appears on grounds satisfactory to the commissioner that:\n(a) The licensee has willfully failed to comply with one (1) or more of the\nrequirements of this subtitle;\n(b) The licensee is in such financial condition that it cannot continue its current\nbusiness operations with safety to its customers;\n(c) The licensee or a person in control of the licensee:\n1. Has been found guilty of any act involving fra ud, deception, theft, or\nbreach of trust; or\n2. Is the subject of:\na. An active administrative cease-and-desist order or similar order;\nb. A civil judgment of a financial nature involving fraud, deception,\nor misrepresentation; or\nc. A permanent or temporary injunction currently in effect entered by\nany court or agency of competent jurisdiction;\n(d) The licensee has made a willful misrepresentation of material fact to, or\nconcealed an essential or material fact from, a person in the course of doing\nbusiness or has engaged in a course of business that has worked or tended to\nwork a fraud or deceit upon any person or would so operate;\n(e) The licensee has refused to permit a lawful examination or investigation, or\nhas refused or failed, within a reasonable time, to furnish any information or\nmake any report that may have been requested or required by the\ncommissioner in connection with a lawful investigation or examination; or\n(f) The licensee has had any license, registration, or claim of exemption related to\nthe financial services industry denied, suspended, or revoked under the laws of\nthis state or has surrendered or terminated any license, registration, or claim of\nexemption issued by this state under threat of administrative action.\n(3) An emergency order issued under this section shall:\n(a) 1. Be served by personal service or certified mail to the l ast known address\nof record.\n2. For purposes of this paragraph, service by certified mail shall be\ncomplete upon the earlier of:\na. The date on which the person receives the mail;\nb. The date on which the agency receives the return receipt; or\nc. The date on which the agency receives notice that the mail has\nbeen returned undelivered;\n(b) Pursuant to KRS 13B.125, become effective when served by the\ncommissioner; and\n(c) Remain in effect until it is:\n1. Stayed, withdrawn, or suspended by an order of the commissioner; or\n2. Terminated by a court order.\n(4) (a) A person aggrieved by an emergency order issued by the commissioner under\nthis section may request an emergency hearing, in writing, within twenty (20)\ndays of service of the emergency order.\n(b) Upon re ceipt of a timely written request for an emergency hearing, an\nemergency hearing shall be conducted in accordance with KRS 13B.125.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52737","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:16Z","sha256":"25d28ac5f5156f686bed5d8a77381b46d16db89fe2aadc3f2fed99bb09bc9dec","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.12-110","next":"us-ky/krs-286.12-130"},"notice":"GroundRules: Original legal text. Not legal advice."}