Nondepository - How to License a Consumer or Industrial Loan Company, Check Casher or Money Transmitter
Mail correspondence to:
Department of Financial Institutions
1025 Capital Center Drive, Suite 200
Frankfort, KY 40601
Click the links below to go directly to the appropriate section:
 |
Consumer and Industrial Loan Companies |
 |
How to License a Consumer Loan Company:
1. Read KRS 286.4 and the applicable administrative regulations under KAR 808, Chapter 6.
2. Complete the application form. Please complete as specifically instructed and have it signed and notarized. Please answer all questions.
3. Forward State License Confirmation form to states currently licensed and operating in.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
Consumer loan company licenses are renewed annually on Dec. 20, prior to the Dec. 31 expiration. The renewal fee is $400 per location.
How to License an Industrial Loan Company:
1. Read KRS 286.7 and the applicable administrative regulations under KAR 808, Chapter 5.
NOTE: The statute has been amended by House Bill 471, which was signed by the governor April 14 and took affect July 15, 2008. The legislation covers revolving credit plans offered by industrial loan companies.
2. Complete application form. Please complete as specifically instructed and have it signed and notarized. Please answer all questions.
3. Forward State License Confirmation form to states currently licensed and operating in.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
Industrial loan company licenses are renewed annually on Dec. 30, prior to the Jan. 15 expiration. The renewal fee is $300 per location.
Documents:
Consumer Loan License [PDF 61K]
Consumer Loan Annual Report Form [PDF 13K]
Instructions for Consumer Loan Annual Report [PDF 152K]
Consumer Loan Individual Office Report [PDF 69K]
Industrial Loan Annual Report of Condition [PDF 63K]
Industrial Loan Certificate [PDF 1MB]
For More Information:
Contact Rodney Gabbard by e-mail or at 502-573-3390, ext. 251, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
Back to Top
|
Check Cashers |
|
Check cashers, deferred deposit and/or "payday lenders" are licensed to transact these services in Kentucky.
How to License a Check Casher:
1. Read KRS 286.9 and the applicable administrative regulations under KAR 808, Chapter 9.
2. Complete the application form. Please complete it as specifically instructed and have it signed and notarized. Please answer all questions.
3. Forward State License Confirmation form to states currently licensed and operating in.
4. Obtain either Irrevocable Letter of Credit, Escrow Agreement or account payable to DFI to be used for 286.9-040 requirement.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
The check casher license is renewable annually prior to the June 30 expiration. The renewal fee is $500 per location.
NOTE: DFI has issued an advisory [PDF 115K] to DFI-regulated lenders announcing the Department of Defense's final rule on limitations on consumer credit extended to service members and their dependents.
Documents:
Check Casher/Deferred Deposit License [PDF 78K]
Renewal [PDF 23K]
For More Information:
Contact Rodney Gabbard by e-mail or at 502-573-3390, ext. 251, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
Back to Top
|
Money Transmitters |
|
How to License a Money Transmitter Company:
1. Read KRS 286.11.
2. Complete the application form as specifically instructed and have it signed and notarized. Please answer all questions.
3. Submit a surety bond.
4. Forward State License Confirmation form to states currently licensed and operating in.
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
The money transmitter licenses are renewed annually on Sept. 20, prior to the Sept. 30 expiration date. The renewal fee is $500.
NOTE: If the money transmitter individuals change, a new Money Transmission Business Applicant Individual Background Form must be submitted at that time.
Documents:
Money Transmitters License Application [PDF 360K]
Money Transmission Business Applicant Individual Background Form [PDF 128K]
State License Confirmation Form [PDF 45K]
Money Transmitter License Renewal [PDF 87K]
For More Information:
Contact Rodney Gabbard by e-mail or at 502-573-3390, ext. 251, with questions regarding applications, licensing, registration or exemptions.
Contact Chris Thompson by e-mail or at 502-573-3390, ext. 243, regarding regulatory or compliance questions.
Back to Top
|
Mortgage Brokers/Companies, Exempt Companies, Individuals, Processors and Education Providers |
|
Visit the Mortgage Licensing and Exemptions page for information on how to license or register a broker/company, individual loan originator, processor or education provider, or to file a claim of exemption for HUD and nonprofit companies. NOTE: The downloadable documents on this page can be viewed with Adobe Acrobat Reader or Microsoft Word. If an alternative format is needed, contact Kelly May at 502-573-3390, ext. 252. If you have questions about the documents or procedures, please contact the appropriate person noted in your section.
Department of Financial Institutions
1025 Capital Center Drive
Suite 200
Frankfort, KY 40601
Phone: 502-573-3390
Toll free: 800-223-2579
Fax: 502-573-0086
E-mail: kfi@ky.gov
|