Ky. Rev. Stat. § 286.11-007

Current through 2024 Ky. Acts ch. 225

Section 286.11-007 - Exemptions

This subtitle does not apply to:

(1) The United States or any department, agency, or instrumentality thereof;

(2) The United States Post Office or a contractor acting on behalf of the United States Post Office;

(3) A state or any agency, department, or political subdivision of a state;

(4) A financial institution or its subsidiaries, affiliates, and service corporations, or any office of an international banking corporation, branch of a foreign bank, or corporation organized pursuant to the Bank Service Corporation Act, 12 U.S.C. secs. 181 to 1867, or a corporation organized under the Edge Act, 12 U.S.C. secs. 611 to 633;

(5) A service provider that:

(a) Pursuant to a written agreement, acts on behalf of an entity exempt from licensure as set forth in subsection (4) of this section; and

(b) Allows the state or federal regulators with regulatory jurisdiction over the exempt entity to examine and inspect the service provider's applicable records, books, and transactions;

(6) A service provider that receives money or monetary value on behalf of an entity selling goods or services other than money transmission services if:

(a) The entity, upon receipt of funds by the service provider, immediately either:

1. Provides the purchased goods or services to the purchaser; or

2. Credits the purchaser for the full amount of money or monetary value received by the service provider, which credit is not revocable by the entity, and evidences this credit in writing; and

(b) The entity is obligated to provide the purchased goods or services to the purchaser regardless of whether or not the service provider transmits the money or monetary value to the entity; or

(7) The provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof.

KRS 286.11-007

Amended by 2016 Ky. Acts ch. 89,§ 1, eff. 7/14/2016.

Effective:4/24/2006
Created 2006, Ky. Acts ch. 247, sec. 4, effective4/24/2006.