{"data":{"id":"us-ky/krs-286.13-065","jurisdiction":"us-ky","citation":"KRS 286.13-065","heading":"Change of control -- Notice -- Approval of commissioner -- Application","body":"by person seeking to acquire control -- Notice of termination or resignation of\nresponsible individual or agent -- Application to add or replace responsible\nindividual or agent.  (Effective April 30, 2027)\n(1) A person shall not take any action that results in a change of control of a licensee\nwithout:\n(a) Providing the notice required under subsection (2) of this section; and\n(b) Obtaining the prior written approval of the commissioner in accordance with\nsubsection (3) of this section, except this paragraph shall not apply to:\n1. A person that acts as a proxy for the sole purpose of voting at a\ndesignated meeting of the security holders or holders of voting interests\nof a licensee or person in control of a licensee;\n2. A person that acquires control of a licensee by devise or descent;\n3. A person that acquires control as a personal representative, custodian,\nguardian, conservator, or trustee, or as an officer appointed by a c ourt of\ncompetent jurisdiction or by operation of law;\n4. A public offering of securities under the laws of the United States; or\n5. a. Any other person or circumstance that the commissioner\ndetermines is exempted from compliance with this paragraph in an\nadministrative regulation promulgated in accordance with KRS\nChapter 13A.\nb. The commissioner may promulgate an administrative regulation to\nexempt a person or circumstance from compliance with this\nparagraph if the commissioner determines that the exemption is\nnecessary to serve the public interest.\n(2) (a) A licensee shall file a complete notice of a:\n1. Change of control of the licensee under subsection (1)(b)1. to 5. of this\nsection with the commissioner within fifteen (15) days of learning of the\nchange of control; and\n2. Proposed change of control of the licensee, other than a  change of\ncontrol under subsection (1)(b)1. to 5. of this section, with the\ncommissioner:\na. Within fifteen (15) days of learning of the proposed change of\ncontrol; and\nb. At least thirty (30) days prior to the proposed change of control.\n(b) A notice of a change of control, or a proposed change of control, of a licensee\nshall not be complete unless it:\n1. Is made in writing, under oath or affirmation;\n2. Is in a format required by the commissioner; and\n3. Contains the information that the commissioner det ermines is necessary\nto provide reasonable notice of the licensee's change of control or\nproposed change of control.\n(3) (a) Except as provided in subsection (1) of this section, a person seeking to\nacquire control of a licensee shall file a complete appli cation for approval of\nthe change of control with the commissioner at least thirty (30) days prior to\nthe proposed change of control.\n(b) An application for approval of a change of control shall not be complete\nunless it:\n1. Is made in writing, under oath or affirmation;\n2. Is in the format required by the commissioner;\n3. Contains, and is accompanied by, any or all of the information,\ndocumentation, and evidence required or permitted for an applicant\nunder KRS 286.13 -040 that the commissioner determines is  necessary\nand appropriate for the purpose of making the determination under\nparagraph (c) of this subsection; and\n4. Is accompanied by a nonrefundable investigation fee of one hundred\ndollars ($100).\n(c) Upon receipt of a complete application for approval  of a change of control\nand subject to KRS 286.13-125, the commissioner shall:\n1. Approve the application if the commissioner determines that the person\nsatisfies the requirements of this subtitle for obtaining a license; or\n2. a. Issue a notice of intent to deny the application if the commissioner\ndetermines that the person does not satisfy the requirements of this\nsubtitle for obtaining a license.\nb. A notice of intent to deny an application for approval of a change\nof control shall specify the requiremen ts of this subtitle that the\nperson does not satisfy.\n(4) (a) The commissioner may determine whether any set of facts or a proposed\ntransaction constitutes, or would constitute, control for purposes of this\nsection.\n(b) Any of the following may make a requ est to the commissioner for a\ndetermination under paragraph (a) of this subsection:\n1. A licensee; or\n2. A person that seeks to enter a proposed transaction with a licensee.\n(5) (a) A licensee shall fi le a complete notice of the termination or resignation of a\nresponsible individual or agent with the commissioner within fifteen (15) days\nof the termination or resignation.\n(b) A notice of termination or resignation of a licensee's responsible individual or\nagent shall not be complete unless it:\n1. Is made in writing, under oath or affirmation;\n2. Is in a format required by the commissioner; and\n3. Contains the information that the commissioner determines is necessary\nto provide reasonable notice of the li censee's change in responsible\nindividual or agent.\n(6) (a) A licensee shall obtain the prior written approval of the commissioner in\naccordance with this subsection prior to adding or replacing a responsible\nindividual.\n(b) A licensee shall file a complet e application for approval of the addition or\nreplacement of a responsible individual with the commissioner.\n(c) An application for approval of the addition or replacement of a responsible\nindividual shall not be complete unless it:\n1. Is made in writing, under oath or affirmation;\n2. Is in the format required by the commissioner; and\n3. Contains, and is accompanied by, any or all of the information,\ndocumentation, and evidence required or permitted under KRS 286.13 -\n040 that the commissioner determines is n ecessary and appropriate for\nthe purpose of making the determination under paragraph (d) of this\nsubsection.\n(d) Upon receipt of a complete application for approval of the addition or\nreplacement of a responsible individual and subject to KRS 286.13 -125, the\ncommissioner shall:\n1. Approve the application if the commissioner determines that the\nlicensee will continue to satisfy the requirements of this subtitle for\nmaintaining a license after the addition or replacement; or\n2. a. Issue a notice of intent to deny the application if the commissioner\ndetermines that the addition or replacement will cause the licensee\nto no longer satisfy the requirements of this subtitle for\nmaintaining a license.\nb. A notice of intent to deny an application for approval of the\naddition or replacement of a responsible individual shall specify\nthe requirements of this subtitle that the licensee will not satisfy if\nthe addition or replacement is made.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=58288","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:16Z","sha256":"de8620b5a157eff8460b732dba788c05e9304571be3a74b10459744f4ec4966d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.13-060","next":"us-ky/krs-286.13-070"},"notice":"GroundRules: Original legal text. Not legal advice."}