9-576. Report required upon occurrence of certain administrative or legal proceedings.
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/ks/chapter-9/9-576A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
9-576. Report required upon occurrence of certain administrative or legal proceedings.
(a)A licensee shall file a report with the commissioner within one business day after the licensee has reason to know of the:
(1)Filing of a bankruptcy or reorganization petition by or against the licensee;
(2)filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization or the making of a general assignment for the benefit of the licensee's creditors; or
(3)commencement of a proceeding to revoke or suspend the licensee's license in a state or country where the licensee engages in business or is licensed.
(b)A licensee shall file a report with the commissioner within three business days after the licensee has reason to know of a felony conviction of:
(1)The licensee or a key individual or person in control of the licensee; or
(2)an authorized delegate.
(c)This section shall take effect on and after January 1, 2025.