The Kentucky Department of Financial Institutions (DFI) has secured the services of Veritec Solutions LLC to provide a common database with real-time access for deferred deposit transactions in accordance with KRS 286.9-140. The Kentucky Deferred Presentment Transaction System is a secure, online database at
www.kydpp.com. Customers with questions about the system or the status of their payday loans can call 877-KY-DPP01 (593-7701).
How to Request a Change of Control
A license issued shall be transferable or assignable, subject to approval of DFI.
1. Licensees must file a written Change of Control request with DFI at least 15 days prior to any changes of control of the licensee.
2. Complete the Change of Control form. Please complete it as specifically instructed and have it signed and notarized. Answer all questions.
3. Forward the State License Confirmation form to all states in which the business is currently licensed and operating.
4. Maintain either a surety bond, irrevocable letter of credit, escrow agreement or account payable to DFI to be used for the KRS 286.9-040 requirement.
The renewal application and fee must be received on or before June 20 of each year. The renewal fee is $500 per location.
How to Renew a Deferred Deposit Company/Check Casher License
2. Complete the renewal form. Please complete it as specifically instructed and have it signed and notarized. Answer all questions.
3. Continue to maintain either a surety bond, irrevocable letter of credit, escrow agreement or account payable to DFI to be used for the 286.9-040 requirement.
The renewal application and fee must be received on or before June 20 of each year. The renewal fee is $500 per location.
Limited Check Casher License
Effective Aug. 4, 2016, DFI is accepting applications for limited check casher licensees pursuant to 808 KAR 9:050. If approved, this license authorizes an entity to cash checks for a fee. However, this license does NOT authorize an entity to engage in the deferred deposit business.
Notice
DFI issued an advisory [PDF 115KB] to DFI-regulated lenders announcing the Department of Defense's final rule on limitations on consumer credit extended to military service members and their dependents.
For More Information
Contact
Jessica Sullivan or call 502-782-9095 or
Sharon Tomlin or call 502-782-2624 with questions regarding applications, licensing, registration or exemptions.
Contact
Rebecca Arthur by email or at 502-429-3290, ext. 2201, regarding regulatory or compliance questions.