| Last Action | 01/08/19: to Banking & Insurance (S) |
|---|---|
| Title | AN ACT relating to deferred deposit transactions. |
| Bill Documents | Introduced |
| Bill Request Number | 453 |
| Sponsors | D. Parrett, R. Thomas |
| Summary of Original Version | Amend KRS 286.9-010 to define "annual percentage rate," "consideration," and "interest"; amend KRS 286.9-100, relating to deferred deposit transactions, to delete the service fee of $15 per $100 loan and establish a tiered maximum annual percentage rate of 36 percent; provide that making a deferred deposit transaction in violation of the maximum interest provisions 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; create a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions shall be deemed a forfeiture of the entire interest for the transaction and the person who paid the interest, or his or her legal representative, may recover twice the amount paid in any action against the lender if commenced within two years of the deferred deposit transaction; cite as the Responsible Payday Lending Act. |
| Index Headings of Original Version |
Loans and Credit - Annual percentage rate, definition for Loans and Credit - Deferred deposit transactions, maximum annual percentage rate Loans and Credit - Interest, definition for Banks and Financial Institutions - Deferred deposit transactions, annual percentage rate and service fees Short Titles and Popular Names - Responsible Payday Lending Act |
| 12/12/18 |
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|---|---|
| 01/08/19 |
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Last updated: 11/9/2023 3:08 PM (EST)