21RS HB 243

Actions

Last Action	01/09/21: to Committee on Committees (H)
Title	AN ACT relating to deferred deposit service businesses.
Bill Documents	Introduced
Bill Request Number	497
Sponsor	M. Prunty
Summary of Original Version	Amend KRS 286.9-100 to reduce the maximum charges for deferred deposit transactions; limit charges for veterans, persons under the age of 21, and persons over the age of 61 to an APR of 36%; prohibit deferred deposit transactions within 45 days after a customer has entered into 5 or more transactions within 180 days; require licensees to offer at least one extended payment plan to customers each year; require notice of the ability to extend the time period for paying off a loan to be posted; make technical corrections; provide that Act applies to deferred deposit transactions entered on or after effective date.
Index Headings of Original Version	Interest and Usury - Deferred deposit service businesses, maximum loan charges Banks and Financial Institutions - Deferred deposit service businesses, maximum loan charges Banks and Financial Institutions - Deferred deposit service businesses, required practices Consumer Affairs - Deferred deposit service businesses, maximum loan charges Consumer Affairs - Deferred deposit service businesses, required practices