{"data":{"id":"us-ky/krs-292.420","jurisdiction":"us-ky","citation":"KRS 292.420","heading":"Burden of proving exemption.","body":"(1) In any proceeding under this chapter, the burden of proving an exemption or an\nexception from a definition is upon the person claiming it.\n(2) The commissioner may require any person, who is selling or offering for sale or\nwho is about to sell or offer for  sale or who has sold or offered for sale any security\nwithin this state, to file a statement of the claim of exemption, if any, upon which\nsuch person is relying, and if any time, in the opinion of the commissioner, the\ninformation contained in such state ment filed is misleading, incorrect, inadequate,\nor fails to establish the right of exemption, the commissioner may require such\nperson, agent, or investment adviser to file such information as may in his opinion\nbe necessary to establish the claimed exemp tion. The refusal to furnish information\nas required by order of the commissioner pursuant to the provisions of this\nsubsection, within a reasonable time to be fixed by the commissioner, shall be\nproper ground for the entry of an order by the commissioner suspending and/or\ncanceling the registration of the broker-dealer, agent or investment adviser.\n(3) The commissioner shall have authority at all times to consider and determine\nwhether any proposed sale, transaction, issue, or security is entitled to an exemption\nor an exception from the definition accorded by this chapter, provided, however,\nthat the commissioner in his or her discretion may decline to exercise such authority\nas to any proposed sale, transaction, issue, or security. Any interested party de siring\nthe commissioner to exercise such authority shall submit to the commissioner a\nverified statement of all material facts relating to the proposed sale, transaction,\nissue, or security, which verified statement shall be accompanied by a request for a\nruling as to the particular exemption or exception from definition, together with a\nfiling fee of two hundred fifty dollars ($250). After such notice to interested parties\nas the commissioner shall deem proper and after a hearing, if any, the commissioner\nmay enter an order finding the proposed sale, transaction, issue, or security entitled\nor not entitled to the exemption or the exception from definition as claimed. An\norder so entered, unless an appeal be taken therefrom in the manner prescribed in\nthis c hapter, shall be binding upon the commissioner, provided that the proposed\nsale, transaction, issue, or security when consummated or issued conforms in every\nrelevant and material particular with the facts as set forth in the verified statement\nas submitted.","path":["KRS Chapter 292"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15557","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:23Z","sha256":"c68e9357135111f449ec59909d784808f06331c792923e760e6d677b1a372ba5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-292.415","next":"us-ky/krs-292.430"},"notice":"GroundRules: Original legal text. Not legal advice."}