136.520 Conditions constituting regularly engaging in business in the

356 words·~2 min read·/ky/136-520

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Commonwealth by financial institutions.

(1)A financial institution is presumed to be regularly engaging in business in this

Commonwealth if during any taxable year it obtains or solicits business with twenty

(20)or more persons within this Commonwealth, or if receipts attributable to

sources in this Commonwealth as would be determined pursuant to the provisions

of KRS 136.530(2) equals or exceeds one hundred thousand dollars ($100,000). In

determining whether a financial institution is regularly engaging in business in this

Commonwealth, receipts from the following types of property, as well as those

contacts with this Commonwealth reasonably and exclusively required to evaluate

and complete the acquisition or disposition of the property, the servicing of the

property or the income from it, the collection of income from the property, or the

acquisition or liquidation of collateral relating to the property, shall be excluded:

(a)An interest in a real estate mortgage investment conduit, a real estate

investment trust, or a regulated investment company;

(b)An interest in a loan-backed security representing ownership or participation

in a pool of promissory notes or certificates of interest that provide for

payments in relation to payments or reasonable projections of payments on the

notes or certificates;

(c)An interest in a loan or other asset from which the interest is attributed to a

consumer loan, a commercial loan, or a secured commercial loan, and in

which the payment obligations were solicited and entered into by a person that

is independent, and not acting on behalf of the owner;

(d)An interest in the right to service or collect income from a loan or other asset

from which interest on the loan is attributed as a loan described in paragraph

(c)of this subsection, and in which the payment obligations were solicited and

entered into by a person that is independent and not acting on behalf of the

owner; and

(e)Any amounts held in an escrow or trust account with respect to property

described in paragraphs

(a)to

(d)of this subsection.

(2)Subsection

(1)of this section shall be interpreted to reach to the limits permitted by

the United States Constitution.