| Last Action | 02/01/24: to Banking & Insurance (S) |
|---|---|
| Title | AN ACT relating to nonrecourse consumer legal funding. |
| Bill Documents | Introduced |
| Bill Request Number | 1451 |
| Sponsors | P. Wheeler, J. Turner |
| Summary of Original Version | Establish Subtitle 13 of KRS Chapter 286 and create sections thereof to define terms; provide exemptions to the new subtitle on nonrecourse consumer legal funding; prohibit engaging in the business of nonrecourse consumer legal funding transactions without a license; establish licensing requirements; provide that nonrecourse consumer legal funding transactions are not loans and exempt them from statute relating to interest; establish requirements for nonrecourse consumer legal funding transaction contracts; prohibit certain actions by nonrecourse consumer legal funding companies; direct that transactions made in compliance with the new subtitle on nonrecourse consumer legal funding are not champerty; establish penalties; direct that the new subtitle on nonrecourse consumer legal funding shall not restrict the powers or duties of the Attorney General; create a new section of KRS Chapter 365 to establish disclosure requirements; establish attorney communications and responsibilities; and direct that a nonrecourse consumer legal funding transactions is inadmissible as evidence; amend KRS 286.4-410, 360.010, and 372.060 to conform. |
| Index Headings of Original Version |
Fees - Licensing application, nonrecourse consumer legal funding Interest and Usury - Nonrecourse consumer legal funding, exemption Licensing - Department of Financial Institutions, nonrecourse consumer legal funding State Agencies - Department of Financial Institutions, nonrecourse consumer legal funding, regulatory requirements Administrative Regulations and Proceedings - Department of Financial Institutions, nonrecourse consumer legal funding Attorney General - Nonrecourse consumer legal funding, regulatory requirements Attorneys - Nonrecourse consumer legal funding, regulatory requirements Banks and Financial Institutions - Nonrecourse consumer legal funding, regulatory requirements Civil Actions - Nonrecourse consumer legal funding, regulatory requirements Claims - Civil actions, nonrecourse consumer legal funding, regulatory requirements Contracts - Nonrecourse consumer legal funding transaction contracts, regulatory requirements |
| 01/30/24 |
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| 02/01/24 |
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Last updated: 9/26/2024 1:37 PM (EDT)