KRS § 292.430 — KY Code / Title XXV / Chapter 292 / Section 292.430
292.430 Consent to service of process
Status: in_force

292.430 Consent to service of process.

(1) Every applicant for registration as a broker-dealer, agent, investment adviser, or

investment adviser representative under this chapter and every issuer which

proposes to offer a security in this state through any person acting on an agency

basis in the common law sense shall file with the commissioner, in such form as the

commissioner by rule prescribes, an irrevocable consent appointing the

commissioner or the commissioner's successor in office to be the applicant's

attorney to receive service of any lawful process in any noncriminal suit, action, or

proceeding against the applicant or the applicant's successor, executor, or

administrator which arises under this chapter or any rule or order hereunder after the

consent has been filed, with the same force and validity as if served personally on

the person filing the consent. A person who has filed such a consent in connection

with a previous registration need not file another. Service may be made by leaving a

copy of the process in the office of the commissioner, but it is not effective unless:

(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding

instituted by the commissioner, forthwith sends notice of the service and a

copy of the process by certified mail, return receipt requested, or by registered

mail to the defendant or respondent at his or her last address on file with the

commissioner; and

(b) The plaintiff's affidavit of compliance with this subsection is filed in the case

on or before the return day of the process, if any, or within such further time

as the court allows.

(2) Every issuer of a covered security and every covered adviser who makes a notice

filing with Kentucky under this chapter shall file with the commissioner, in the form

as prescribed by administrative regulation, an irrevocable consent appointing the

commissioner or the commissioner's successor in office to be his or her attorney to

receive service of any lawful process in any noncriminal suit, action, or proceeding

against him or her or his or her successor, executor, or administrator that arises

under this chapter or under any rule or order under this chapter after the consent has

been filed, with the same force and validity as if served personally on the person

filing the consent. A person who has filed a consent in connection with a previous

notice filing need not file another. Service may be made by leaving a copy of the

process in the office of the commissioner, but it is not effective unless:

(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding

instituted by the commissioner, sends notice of the service and a copy of the

process by certified mail, return receipt requested, or by registered mail to the

defendant or respondent at his or her last address on file with the

commissioner; and

(b) The plaintiff's affidavit of compliance with this subsection is filed in the case

on or before the return day of the process, if any, or within the time as the

court allows.

(3) When any person, including any nonresident of this state, engages in conduct

prohibited or made actionable by this chapter or any rule or order hereunder, and the

person has not filed a consent to service of process under subsection (1) or (2) of

this section and personal jurisdiction over him or her cannot otherwise be obtained

in this state, that conduct shall be considered equivalent to his or her appointment of

the commissioner or the commissioner's successor in office to be the person's

attorney to receive service of any lawful process in any noncriminal suit, action, or

proceeding against the person or the person's successor executor or administrator

which grows out of that conduct and which is brought under this chapter or any rule

or order hereunder, with the same force and validity as if served on the person

personally. Service may be made by leaving a copy of the process in the office of

the commissioner, and it is not effective unless:

(a) The plaintiff, who may be the commissioner, in a suit, action, or proceeding

instituted by the commissioner, forthwith sends notice of the service and a

copy of the process by certified mail, return receipt requested, or by registered

mail to the defendant or respondent at his or her last known address or takes

other steps which are reasonably calculated to give actual notice; and

(b) The plaintiff's affidavit of compliance with this subsection is filed in the case

on or before the return day of the process, if any, or within such further time

as the court allows.