| Last Action | to Banking & Insurance (S) |
|---|---|
| Title | AN ACT relating to financial services. |
| Bill Documents |
Bill
|
| Bill Request Number | 1319 |
| Sponsor | T. Buford |
| Summary of Original Version | Amend KRS 286.2-670 and 286.2-680 to change "lending institution" to "financial institution"; create a new section of Subtitle 2 of KRS Chapter 286 to restrict the use of the terms "bank," "banker", "banking", or similar words in a designation or name or as any part of a designation or name under which business is or may be conducted in this state; restrict a person or entity representing itself as a fiduciary or trust company or using the word "trust" or similar words in a designation or a name or as any part of a designation or name under which business is or may be conducted in this state; amend KRS 286.3-100 to permit a bank to hold and acquire real estate conveyed in satisfaction of debts, or that it may purchase under a judgment in its favor, for such period of time as is deemed reasonable by the bank under the circumstances of the real estate market rather than for a period not longer than 10 years; permit a write down of such real estate acquisition at no less than 5%, rather than at 10%, per year; amend KRS 286.6-055 to delete requirement that the maintenance of service facilities of credit unions be reasonably necessary to furnish service to members; establish requirements for application for establishment and maintenance of a credit union service facility; create a new section of Subtitle 2 of KRS Chapter 286 to establish rate at which a financial institution must automatically renew a certificate of deposit; repeal KRS 367.393 which establishes rates at renewal for certificate deposits that are subject to automatic renewal at maturity. |
| Index Headings of Original Version |
Banks and Financial Institutions - Use of the term "bank" in a designation or name Banks and Financial Institutions - Real estate, length of period a bank may hold Banks and Financial Institutions - Certificate of deposit, renewal of Interest and Usury - Certificate of deposit, renewal of Banks and Financial Institutions - Credit union service facility, application to establish |
| 01/16/08 |
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|---|---|
| 01/18/08 |
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Last updated: 8/28/2019 8:09 AM (EDT)