Kentucky Deferred Presentment Transaction System
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 or (877) 593-7701.
How to Renew a Deferred Deposit Company/Check Casher License:
1. Read KRS 286.9 and the applicable administrative regulations under KAR 808, Chapter 9.
2. Submit renewal online via NMLS.
3. Continue to maintain either a surety bond through NMLS, irrevocable letter of credit, escrow agreement or account payable to DFI to be used for the 286.9-040 requirement.
DFI must receive the renewal application and fee on or before Dec. 31 of each year. The renewal fee is $500 per location.
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 before any changes of control of the licensee.
2.Complete the Change of Control form online via NMLS.
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 through NMLS, irrevocable letter of credit, escrow agreement or account payable to DFI to be used for the KRS 286.9-040 requirement.
Check Casher License
DFI accepts applications for limited check casher licenses as authorized by 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.
- Read KRS 286.9 and the applicable administrative regulations under KAR 808, Chapter 9.
- Submit the application, surety bond and all other required documents online via NMLS
Notice
DFI issued the KY Deferred Deposit Licensee Site Outage BCP Procedures to licensees using the Veritec database.
DFI issued an advisory 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 at (502) 782-9095 or Eveanna Hunt at (502) 782-1298 with questions about applications, licensing, registration or exemptions.
Contact Rebecca Arthur (502) 882-4130 for any other questions. For more information, see KRS 292.327.
Nonprofit and not-for-profit entities can file for an exemption by complying with the provisions of 808 KAR 10:170 Section 1. No form is required, and there is no fee. For more information, see KRS 286.9
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