{"data":{"id":"us-ky/krs-286.4-410","jurisdiction":"us-ky","citation":"KRS 286.4-410","heading":"Definitions -- Application of subtitle.","body":"(1) As used in this subtitle, unless the context requires otherwise:\n(a) \"Applicant\" means a person filing an application under this subtitle;\n(b) \"Consumer loan company\" means a person licensed under this subtitle to\nengage in the business of making loans to a consumer for personal, family, or\nhousehold use in the amount or value of fifteen thousand dollars ($15,000) or\nless;\n(c) \"Control\" means the power to direct the management or policies of a licensee\nor applicant, whether through ownership of securities, by contract, or\notherwise;\n(d) \"Executive officer\" means a natural person holding the title or responsibility\nof president, vice president, chief executive officer, chief financial officer,\nchief operational officer, or chief compliance officer;\n(e) \"Licensee\" means a person licensed under this subtitle;\n(f) \"Managing principal\" means a natural person who meets the requirements of\nKRS 286.4 -450 and actively participates in and is primarily responsible for\nthe operations of a licensee;\n(g) \"Material fact\" means a fact that a reasonable person knows, or should know,\nthat could reasonably be expected to influence any decision or action taken by\nthe commissioner under this subtitle;\n(h) \"Nationwide consumer reporting agency\" means a consumer reporting agency\nthat compiles and maintains files on consumers on a nationwide basis as\ndefined by Section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. sec.\n1681a(p); and\n(i) \"Person in control of a licensee or applicant\" means, with respect to an\napplicant or licensee, any of the following:\n1. A director, general partner, or executive officer;\n2. In the case of a limited liability company, a managing member or\nmanager;\n3. Any person who directly or indirectly has the right to vote twenty -five\npercent (25%) or more of a class of voting securities;\n4. Any person who has the power to sell or direct the sale of twenty -five\npercent (25%) or more of a class of voting securities;\n5. In the case of a partnership or limited liability company, any person that\nhas the right to receive twenty -five percent (25%) or more of the capital\nupon dissolution; or\n6. Any person that exercises control.\n(2) This subtitle shall not apply to any person doing business under and as permitted by\nany law of this state or of the United States relating to banks, savings banks, trust\ncompanies, savings and loan associations, agricultural cooperative associations,\ncredit unions, or licensed pawnbrokers. This subtitle does not apply to the purchase\nor acquisition, directly or indirectly, of notes, chattel mortgages, installment or\nconditional sales contracts, embodying liens or evidencing title retention arising\nfrom the bona fide sale of goods or services by a seller of the goods or services.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55167","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"43c9c6b7c51d3b11805ed178d14b252e971edb52154e9705a17fdf8922d94661","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-990","next":"us-ky/krs-286.4-420"},"notice":"GroundRules: Original legal text. Not legal advice."}