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Can you summarize 808 KYAR Chapter 15?
Public Protection Cabinet - Department of Financial Institutions [Current] > General [Current]
Short Summary
The provided legal document content consists of multiple administrative regulations issued by the Kentucky Department of Financial Institutions. The first regulation, 808 KAR 15:010, establishes exceptions to the maximum debt to banks for state and national banks in Kentucky. It ensures competitive equality between state and national banks by establishing the status of excess funds (federal funds) transactions. The regulation also provides an exception to the bank lending limits for excess funds transactions and loans, or extensions of credit secured by certain types of government obligations. The second regulation, 808 KAR 15:030, governs the establishment and relocation of bank branches, offices, and loan production offices. It applies to banks operating in Kentucky and authorizes the Department of Financial Institutions to designate certain banks that do not have to apply for approval from the commissioner to establish a branch or loan production office, or relocate a principal office or branch. The regulation also clarifies the banking operations that may or may not be conducted at a loan production office. The third regulation, 808 KAR 15:020, sets forth the procedure to apply for a stay of a notice of intention to remove from office an officer or director of a bank. This procedure is pursuant to KRS 286.3-690(10) and affords a ten (10) day period for such application. The fourth regulation, 808 KAR 15:040, establishes the procedures to be used in the application and examination processes for bank holding companies or individuals seeking to acquire control of a state-chartered bank or bank holding company. These procedures are in accordance with KRS 286.3-095, 286.3-905, and 286.3-020. The documents apply to state and national banks in Kentucky, banks operating in Kentucky, officers or directors of a bank, bank holding companies, and individuals involved in the application and examination processes. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State and national banks in Kentucky, banks operating in Kentucky, officers or directors of a bank, bank holding companies, individuals
What does it govern?
Exceptions to the maximum debt to banks for state and national banks in Kentucky, establishment and relocation of bank branches, offices, and loan production offices, procedure to apply for a stay of a notice of intention to remove from office an officer or director of a bank, procedures for filing applications by a bank holding company or individual to acquire control of a state-chartered bank or bank holding company
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Kentucky