House Bill 381

Actions
Last Action to Banking & Insurance (H)
Title AN ACT relating to deferred deposit transactions.
Bill Documents Bill
Bill Request Number 1554
Sponsors D. Owens, F. Nesler, R. Adams, T. Burch, T. Firkins, K. Flood, K. Hall, R. Henderson, C. Hoffman, J. Jenkins, M. Marzian, R. Meeks, H. Moberly Jr., R. Palumbo, T. Riner, A. Smith, J. Stacy, T. Thompson, D. Watkins, J. Wayne, R. Weston, B. Yonts
Summary of Original Version Amend KRS 286.9-010 to define "annual percentage rate," "consideration," and "interest"; amend KRS 286.9-100 to delete the service fee of $15 per $100 loan and establish a maximum annual percentage rate of thirty-six percent (36%); provide that making a deferred deposit transaction in violation of the maximum interest provisions of this Act is an unfair, false, misleading, and deceptive practice in violation of the Consumer Protection Act and subject to its rights and remedies; prohibit a licensee from engaging in deceptive practices to evade the requirements of Subtitle 9 of KRS Chapter 286; amend KRS 286.9-102 to require a licensee to conspicuously display interest charges for services; create a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions of this Act shall be deemed a forfeiture of the entire interest for the transaction or, if already paid, the person who paid the interest, or his or her legal representative, may recover twice the amount paid in an action against the lender if commenced within two (2) years of the deferred deposit transaction.
Index Headings of Original Version Banks and Financial Institutions - Deferred deposit transaction, establish maximum annual percentage rate
Loans and Credit - Deferred deposit transaction, establish maximum annual percentage rate
Banks and Financial Institutions - Deferred deposit transactions, prohibit deceptive practices, forfeiture of entire interest

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02/04/10
  • introduced in House
02/08/10
  • to Banking & Insurance (H)


Last updated: 1/16/2019 4:12 PM (EST)