Section 286.8-075 - Change of control(1) As used in this section, "change of control" means: (a) A transfer of voting stock which results in giving a person, directly or indirectly, the power to direct the management and policy of a mortgage loan company or mortgage loan broker; or(b) A transfer of at least ten percent (10%) of the outstanding voting stock of a mortgage loan company or a mortgage loan broker.(2) A transfer of voting stock of a mortgage loan company or mortgage loan broker which constitutes a change of control shall be approved in writing by the commissioner, prior to the transfer.(3) The owner, president, chief executive officer or a partner shall apply to the commissioner for approval of a transfer of voting stock in his mortgage loan company or mortgage loan broker which constitutes a change of control. The application must contain information which shows that the requirements of this subtitle for obtaining a license will be satisfied after the change of control.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 773, effective7/15/2010. -- Amended 1998, Ky. Acts ch. 197, sec. 8, effective 7/15/1998. -- Created 1986 Ky. Acts ch. 461, sec. 9, effective 7/15/1986.