186A.005 Definitions for chapter

186A.005 Definitions for chapter.

As used in this chapter:

(1) "Approved entity" means:

(a) A motor vehicle dealer licensed under KRS Chapter 190 that applies to and is

approved by the Transportation Cabinet to facilitate the title application or

salvage title application process through the electronic title application and

registration system;

(b) A state or federal financial institution chartered under the laws of this state,

any other state, or the United States as a bank insured by the Federal Deposit

Insurance Corporation (FDIC), bank holding company, trust company, credit

union, savings and loan association, or a holding company or service

corporation subsidiary thereof, or any agent of any of the entities listed in this

paragraph;

(c) An owner of a fleet as defined in this section that applies to and is approved

by the Transportation Cabinet to facilitate renewal of registration or

maintenance of permanent registration under KRS 186A.127 through the

electronic title application and registration system; and

(d) A retailer of manufactured homes, mobile homes, or recreational vehicles, as

defined in KRS 227.550, that applies to and is approved by the Transportation

Cabinet to facilitate the title application process through the electronic title

application and registration system;

(2) "Cabinet" means the Transportation Cabinet;

(3) "Electronic title application and registration system" means a system established

under KRS 186A.017 by which title applications, salvage title applications, title lien

statements, other supporting documents, signatures, and fees are input and

transmitted through the title application and registration process in an electronic

format;

(4) "Fleet" means:

(a) A group of at least one hundred fifty (150) U-Drive-It vehicles owned by the

holder of a U-Drive-It certificate; or

(b) A group of at least ten (10) nonapportioned commercial motor vehicles owned

by a company and used for business purposes; and

(5) "Title lien statement" means a document, submitted by a secured party or

authorized agent, to the cabinet through any county clerk's office in the

Commonwealth, to note the security interest on the certificate of title, or to amend

or terminate a security interest on the certificate of title.