04RS HB215


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HB 215 (BR 440) - P. Bather

     AN ACT relating to consumer loans.
     Amend KRS 288.530 to allow charges on consumer loans secured by the certificate of title to a motor vehicle at a rate of three percent (3%) per month on the unpaid principal balance not exceeding two thousand dollars ($2,000), and two and one-third percent (2.33%) on the unpaid principal balance exceeding two thousand dollars ($2,000) but not exceeding three thousand dollars ($3,000); permit charges of two and one-third percent (2.33%) per month if the original principal amount exceeds three thousand dollars ($3,000); permit the licensee to recover actual and commercially reasonable expenses paid to a third party for repossession and storage of any motor vehicle pledged as security; prohibit recovery of expenses for repossession and storage if the licensee owns any portion of or controls the entity that performs the services.

     Jan 7-introduced in House
     Jan 8-to Banking and Insurance (H)
     Jan 12-posted in committee
     Feb 5-posting withdrawn

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