808 KAR 5:020. Restrictions

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Section 1. No person who is an incorporator of an industrial loan company shall permit any borrower or his spouse, individually or together, to have in force with him, or any member of a partnership, association, or operation in which he is a business participant, a contract of loan made pursuant to provisions of KRS Chapter 286.4 at the same time that the borrower has in force with an industrial loan company of which the subject person is an incorporator, a contract of loan made pursuant to KRS 286.7-410 to 286.7-600. (LI:1; 1 Ky.R. 888; Am. 1391; eff. 6-11-75; TAm eff. 4-21-2007.)

Notation

RELATES TO: KRS 286.7-440, 286.7-520(5), 286.7-550

STATUTORY AUTHORITY: KRS 286.7-530(2)

NECESSITY, FUNCTION, AND CONFORMITY: To promote and regulate proper conduct in the solicitation of business by an industrial loan company.

                    
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