808 KAR 12:002. Definitions for 808 KAR Chapter 12

      Section 1. Definitions. (1) "Amount financed" means the face amount of the mortgage note as that term is used in KRS 286.8-125.

      (2) "Control" is defined by KRS 286.8-010(9).

      (3) "Control person" means the following:

      (a) A director, general partner, managing member, or executive officer;

      (b) Any person who:

      1. Directly or indirectly has the right to vote ten (10) percent or more of a class of a voting security; or

      2. Has the power to sell or direct the sale of ten (10) percent or more of a class of voting securities;

      (c) In the case of a partnership or limited liability company, any person that has the right to receive upon dissolution ten (10) percent or more of the capital; or

      (d) Any person that exercises control. (30 Ky.R. 1892; eff. 3-18-2004; 37 Ky.R. Am. 822; 1197; eff. 12-3-2010.)

Notation

      RELATES TO: KRS 286.8-010(1), KRS 286.8-170(1), 286.8-125

      STATUTORY AUTHORITY: KRS 286.8-140(1)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.8-140(1) authorizes the commissioner to promulgate administrative regulations necessary to accomplish the basic purposes of KRS Chapter 286.8. This administrative regulation establishes definitions for 808 KAR Chapter 12.