23RS HB 563

House Bill 563

Actions

Last Action	02/22/23: to Committee on Committees (H)
Title	AN ACT relating to consumer protection of financial interests.
Bill Documents	Introduced
Fiscal Impact Statement	Local Mandate
Bill Request Number	199
Sponsors	D. Graham, G. Brown Jr.
Summary of Original Version	Create a new section of KRS Chapter 371 to provide that a person is not liable on loans secured by a deed of trust or mortgage unless certain requirements are met; provide that a deed or trust or mortgage is not enforceable against a spouse unless certain requirements are met; amend KRS 65.154 to require state-administered retirement systems and pension plans of local governments obtain spousal acknowledgement on beneficiary forms and forms where an employee selects a payment option that may include a joint and survivor annuity; amend KRS 21.540, 61.542, 61.590, 61.705, 78.5538, 161.480, 161.630, and 161.655 to conform.
Index Headings of Original Version	Loans and Credit - Mortgage or deed of trust, enforceability Notices - Loans, mortgage or deed of trust, spousal notice Public Officers and Employees - Retirement, beneficiary and payments option forms, spousal acknowledgement Retirement and Pensions - State-administered retirement systems, beneficiary and payment option forms, spousal acknowledgement State Agencies - State-administered retirement systems, beneficiary and payment option forms, spousal acknowledgement Banks and Financial Institutions - Mortgage or deed of trust, enforceability Contracts - Mortgage or deed of trust, enforceability Local Mandate - State-administered retirement systems, beneficiary and payment option forms, spousal acknowledgement