House Bill 285

Actions | Amendments
Last Action 03/26/19: signed by Governor (KY Acts ch. 120)
Title AN ACT relating to consumer loan companies.
Bill Documents Current/Final
Introduced
Bill Request Number 449
Sponsor M. Meredith
Summary of Original Version Amend KRS 286.4-410, relating to consumer loan companies, to define certain terms; amend KRS 286.4-430 to require applicant to submit specific information with an application for licensure; amend KRS 286.4-440 to increase licensing application fee, and fee per location; amend KRS 286.4-450 to establish financial requirements for applicants and licensees; amend the application approval process; establish process for an appeal of an application denial; restrict eligibility for a license for individuals who have had a license previously denied or revoked; amend KRS 286.4-460 to require disclosure of physical address, and any assumed names; require notice to the commissioner of a change in name; amend KRS 286.4-470 to add tax preparation to business that may be conducted in same location as consumer loan business and add 60 day review requirement; amend KRS 286.4-480 to establish the expiration of a license for failure to pay annual fee; repeal and reenact KRS 286.4-490 to define adverse action; establish when the commissioner may take adverse action; establish procedure following the adverse action; allow the commissioner to seek temporary or permanent relief against a person who has violated Subtitle 4 of KRS Chapter 286; amend KRS 286.4-500 to establish requirements and procedures for orders entered by the commissioner; allow the commissioner to file administrative complaints; amend KRS 286.4-533 to replace collection of credit investigation fee with loan processing fee; amend KRS 286.4-580 to make technical changes; amend KRS 286.4-600 to make changes to retention requirements; allow for a licensee to designate a custodian of records; require access to records for the commissioner; amend KRS 286.4-610 to set examination frequency of licensees and to establish examination and investigation powers of the commissioner; create a new section of Subtitle 4 of KRS Chapter 286 to allow for use of the State Regulatory Registry by the department and licensees; create a new section of Subtitle 4 of KRS Chapter 286 to require licensees maintain an agent in Kentucky; create a new section of Subtitle 4 of KRS Chapter 286 to establish requirements for change of control of a licensee; create a new section of Subtitle 4 of KRS Chapter 286 to require compliance with applicable state and federal law; create a new section of Subtitle 4 of KRS Chapter 286 to exempt certain items from required disclosure under the Kentucky Open Records Act; create a new section of Subtitle 4 of KRS Chapter 286 to establish emergency powers of the commissioner under this subtitle; create a new section of Subtitle 4 of KRS Chapter 286 to allow for a hearing for any person aggrieved by a final decision of the commissioner; establish penalties for violations of this subtitle; repeal KRS 286.4-630.
Index Headings of Original Version Courts, Circuit - Commissioner of Department of Financial Institutions, ability to petition, establishment of
Fees - Consumer loan companies, application and examination fees, establishment of
Financial Responsibility - Consumer loan companies, financial condition requirements, establishment of
Licensing - Consumer loan companies, applicant and licensee rights, establishment of
Licensing - Consumer loan companies, application requirements, establishment of
Loans and Credit - Consumer loan companies, applicant and licensee rights, establishment of
Loans and Credit - Consumer loan companies, powers of commissioner, establishment of
State Agencies - Commissioner of Department of Financial Institutions, ordinary and emergency power, establishment of
Banks and Financial Institutions - Consumer loan companies, applicant and licensee rights, establishment of
Banks and Financial Institutions - Consumer loan companies, application requirements, establishment of
Banks and Financial Institutions - Consumer loan companies, authorized activities, establishment of
Banks and Financial Institutions - Consumer loan companies, financial condition requirements, establishment of
Banks and Financial Institutions - Consumer loan companies, powers of commissioner, establishment of
Bonds of Surety - Consumer loan companies, financial condition requirements, establishment of
Consumer Affairs - Consumer loan companies, application requirements, establishment of
Consumer Affairs - Consumer loan companies, powers of commissioner, establishment of
Jump to Proposed Amendments House Committee Substitute 1
Senate Committee Substitute 1
Votes Vote History

Actions

Top | Amendments
02/08/19
  • introduced in House
02/11/19
  • to Banking & Insurance (H)
02/15/19
  • posted in committee
02/20/19
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
02/21/19
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Friday, February 22, 2019
02/22/19
  • 3rd reading, passed 95-0 with Committee Substitute (1)
02/25/19
  • received in Senate
02/27/19
  • to Banking & Insurance (S)
03/05/19
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
03/06/19
  • 2nd reading, to Rules
03/07/19
  • posted for passage in the Regular Orders of the Day for Thursday, March 7, 2019
  • passed over and retained in the Orders of the Day
03/12/19
  • passed over and retained in the Orders of the Day
03/13/19
  • 3rd reading, passed 37-0 with Committee Substitute (1)
  • received in House
  • to Rules (H)
  • posted for passage for concurrence in Senate Committee Substitute (1)
03/14/19
  • House concurred in Senate Committee Substitute (1)
  • passed 96-2
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/26/19
  • signed by Governor (KY Acts ch. 120)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Summary Retain original provisions, except amend the penalties section to impose the lesser of the two civil penalties listed for an occurance of consumer harm by a licensee.
Index Headings Courts, Circuit - Commissioner of Department of Financial Institutions, ability to petition, establishment of
Fees - Consumer loan companies, application and examination fees, establishment of
Financial Responsibility - Consumer loan companies, financial condition requirements, establishment of
Licensing - Consumer loan companies, applicant and licensee rights, establishment of
Licensing - Consumer loan companies, application requirements, establishment of
Loans and Credit - Consumer loan companies, applicant and licensee rights, establishment of
Loans and Credit - Consumer loan companies, powers of commissioner, establishment of
State Agencies - Commissioner of Department of Financial Institutions, ordinary and emergency power, establishment of
Banks and Financial Institutions - Consumer loan companies, applicant and licensee rights, establishment of
Banks and Financial Institutions - Consumer loan companies, application requirements, establishment of
Banks and Financial Institutions - Consumer loan companies, authorized activities, establishment of
Banks and Financial Institutions - Consumer loan companies, financial condition requirements, establishment of
Banks and Financial Institutions - Consumer loan companies, powers of commissioner, establishment of
Bonds of Surety - Consumer loan companies, financial condition requirements, establishment of
Consumer Affairs - Consumer loan companies, application requirements, establishment of
Consumer Affairs - Consumer loan companies, powers of commissioner, establishment of

Amendment Senate Committee Substitute 1
Summary Retain original provisions, except amend definition of "consumer loan company"; remove internal inconsistency relating to revoked licenses; and make technical corrections.
Index Headings Courts, Circuit - Commissioner of Department of Financial Institutions, ability to petition, establishment of
Fees - Consumer loan companies, application and examination fees, establishment of
Financial Responsibility - Consumer loan companies, financial condition requirements, establishment of
Licensing - Consumer loan companies, applicant and licensee rights, establishment of
Licensing - Consumer loan companies, application requirements, establishment of
Loans and Credit - Consumer loan companies, applicant and licensee rights, establishment of
Loans and Credit - Consumer loan companies, powers of commissioner, establishment of
State Agencies - Commissioner of Department of Financial Institutions, ordinary and emergency power, establishment of
Technical Corrections - HB 285
Banks and Financial Institutions - Consumer loan companies, applicant and licensee rights, establishment of
Banks and Financial Institutions - Consumer loan companies, application requirements, establishment of
Banks and Financial Institutions - Consumer loan companies, authorized activities, establishment of
Banks and Financial Institutions - Consumer loan companies, financial condition requirements, establishment of
Banks and Financial Institutions - Consumer loan companies, powers of commissioner, establishment of
Bonds of Surety - Consumer loan companies, financial condition requirements, establishment of
Consumer Affairs - Consumer loan companies, application requirements, establishment of
Consumer Affairs - Consumer loan companies, powers of commissioner, establishment of

Last updated: 5/10/2019 10:34 AM (EDT)
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