Section 286.10-215 - Qualifications for licenseTo qualify for a license, an applicant shall apply to the department and satisfy the following requirements:
(1) Be operating as a sole proprietorship, general partnership, limited liability partnership, corporation, or limited liability company duly qualified to do business in Kentucky;(2) Demonstrate the existence of initial capital of and the maintenance of, at least one hundred thousand dollars ($100,000) for the security of all of the applicant's licensed title pledge offices within the Commonwealth;(3) Demonstrate the existence of a bond, with approved surety, in the amount of one hundred thousand dollars ($100,000) for the security of all of the applicant's licensed title pledge offices within the Commonwealth. This bond shall be maintained for the benefit and security of the title pledge borrowers and for the benefit and security of the Commonwealth with respect to the civil and criminal penalties provided in KRS 286.10-991; and(4) Represent that the business will be operated lawfully, fairly, and ethically in accordance with KRS 286.10-200 to 286.10-285 and KRS 286.10-991.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 824, effective7/15/2010. -- Created 1998, Ky. Acts ch. 242, sec. 4, effective 7/15/1998.