Kentucky Administrative Regulations
Title 605 - TRANSPORTATION CABINET
Chapter 1 - Motor Vehicle Commission
Section 605 KAR 1:071 - Change of ownership
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 190.030
NECESSITY, FUNCTION, AND CONFORMITY: KRS 190.030 requires each separate entity acting as a dealer to have a license and to make needed reports to the Motor Vehicle Commission. This administrative regulation establishes requirements for change of ownership of dealer licenses, particularly if a sale or transfer occurs, so that the commission can be on notice of who actually holds a license.
Section 1.
Section 2. Upon the sale or transfer of a licensee's business or the operating assets of a business to a new individual or entity, the new owner shall secure a new license for each location acquired, unless the acquirer has a valid motor vehicle dealer license for the locations.
Section 3.
Section 4. The commission shall be notified on a timely basis of the following:
Section 5. In the case of the death of a sole proprietor, the commission may, if the executor or administrator alone, or in conjunction with dealership employees, is capable of operating the business in compliance with KRS Chapter 190, allow a duly qualified executor or administrator to operate the business for the remainder of the calendar year. In the case of the death or dissolution of a partner, or the controlling owner of a corporation or limited liability company, the commission shall require a new Application for Motor Vehicle Dealer License, TC 98-1, incorporated by reference in 605 KAR 1:030 and the appropriate fee if the death or dissolution results in a material change to the financial, moral, or operational fitness of the licensee.
STATUTORY AUTHORITY: KRS 190.030, 190.073