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Senate Bill 117

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Last Action signed by Governor (Acts ch. 28)
Title AN ACT relating to financial services.
Bill Documents Bill
Bill Request Number 1192
Sponsor T. Buford
Summary of Original Version Amend KRS 286.2-685 to prohibit the use of banking-related terms or characters in the name, stationery, or advertising of any entity that is not authorized to conduct banking activities in this state; create a new section of Subtitle 3 of KRS Chapter 286 to require applications for a bank or trust company charter to be approved by the executive director and stipulate requirements for approval of a charter and actions to be taken before an institution may commence business under the charter; create a new section of Subtitle 3 of KRS Chapter 286 to prohibit an institution from transacting any business, other than business that is incidental to its organization, prior to being granted a charter; amend KRS 286.3-030 to permit, upon written request and approval by the executive director, the use of different name at branch offices in this state; amend KRS 286.3-040 to specify that persons means 5 or more natural persons who may organize a bank or trust company; amend KRS 286.3-050 to delete specific investigatory requirements of the executive director prior to the filing of articles of incorporation of a bank or trust company; amend KRS 286.3-060 to modify directors' oaths of office; amend KRS 286.3-070 to change the minimum capital stock of a bank or trust company from $2,500,000 to $5,000,000; amend KRS 286.3-090 to disallow the executive director from reducing the amount of capital stock below $2,500,000; amend KRS 286.3-100 to prohibit a bank from holding for more than 1 year, unless otherwise approved by the executive director, any assets taken as security for debts previously contracted in the ordinary course of business; amend KRS 286.3-102 to update reference to CAMELS rating rather than CAMEL rating; amend KRS 286.3-172 to delete requirement for plans of conversion or merger to be filed with the clerk of the county in which the principal office of the bank is located; amend KRS 286.3-180 to allow a bank to acquire, rather than just establish, a branch office and to specify that consolidation of 2 or more branch offices in the same neighborhood shall not be considered a branch closure; amend KRS 286.3-185 to provide that the relocation of a branch within the same neighborhood shall not be considered a branch closure; amend KRS 286.3-280 to require, when computing the total capital stock and surplus, the negative balance of a bank's undivided profits account to be deducted; amend KRS 286.3-290 to create an additional exception to the maximum debt that may be owed to a bank to except from the total amount of the debt deposit secured loans; amend KRS 286.3-630 to require notice to be provided to all stockholders when a bank is required to transfer assets and liabilities; amend KRS 286.3-915 to delete requirements pertaining to the board of directors of a combined bank; amend KRS 387.111 to limit the compensation of guardians, limited guardians, and conservators; amend KRS 387.760 to limit compensation to guardians, limited guardians, limited conservators, and conservators to a commission of 6% of the income collected by the fiduciary, an annual commission of 0.3% of the fair market value of the real and personal property in the care of the fiduciary, or an annual commission of not more than 6% of the fair market value of the principal distributed by the fiduciary, except the court may allow the fiduciary additional compensation as is fair and reasonable if proof is submitted that additional services which are unusual or extraordinary and not normally incidental to the management of a similar estate have been performed; amend KRS 286.4-533 to allow creditors to charge for expenses incurred for UCC filings; repeal KRS 286.3-420 regarding publication of financial statements.
Index Headings of Original Version Courts - Guardians and conservators, limitations on compensation
Courts, Circuit - Guardians and conservators, limitations on compensation
Fiduciaries - Guardians and conservators, limitations on compensation
Guardians - Compensation, limitations on
Banks and Financial Institutions - Kentucky financial services code, omnibus chapter changes
Votes Vote History

Actions

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01/28/10
  • introduced in Senate
02/02/10
  • to Banking & Insurance (S)
02/09/10
  • reported favorably, 1st reading, to Consent Calendar
02/10/10
  • 2nd reading, to Rules
02/16/10
  • posted for passage in the Regular Orders of the Day for Wednesday, February 17, 2010
02/17/10
  • passed over and retained in the Orders of the Day
02/18/10
  • 3rd reading, passed 38-0
02/19/10
  • received in House
02/22/10
  • to Banking & Insurance (H)
02/26/10
  • posted in committee
03/03/10
  • reported favorably, 1st reading, to Calendar
03/04/10
  • 2nd reading, to Rules
03/05/10
  • posted for passage in the Regular Orders of the Day for Monday, March 8, 2010
03/18/10
  • 3rd reading, passed 98-0
  • received in Senate
03/19/10
  • enrolled, signed by President of the Senate
03/22/10
  • enrolled, signed by Speaker of the House
  • delivered to Governor
03/25/10
  • signed by Governor (Acts ch. 28)


Last updated: 8/28/2019 7:34 AM (EDT)