21RS SB 178

Senate Bill 178

Actions

Last Action	02/04/21: to Committee on Committees (S)
Title	AN ACT relating to special purpose depository institutions.
Bill Documents	Introduced
Bill Request Number	1314
Sponsor	B. Smith
Summary of Original Version	Create a new Subtitle 12 of KRS Chapter 286 to establish special purpose depository institutions that engage in a nonlending banking business; establish findings and purposes for subtitle; provide for the organization, powers, and chartering of the institution; require directors to take oaths; establish capital, bonding, contingency, and insurance requirements; establish requirements for offering depository accounts and other services; provide that certain provisions of Subtitle 3 of KRS Chapter 286 shall apply to the institutions; establish branching requirements for in-state and out-of-state institutions; provide for administrative appeals; require the commissioner of financial institutions to adopt administrative regulations to implement the subtitle; establish administrative penalties and procedures for violations of the subtitle; establish when the commissioner shall close an institution for liquidation; establish procedures for voluntary dissolution; amend KRS 286.1-011 and 286.2-685 to conform; amend KRS 286.2-040 to allow the commissioner to examine special purpose depository institution service providers; require the commissioner to promulgate administrative regulations to implement the Act on or before October 1, 2021; EFFECTIVE, in part, on October 1, 2021.
Index Headings of Original Version	Fees - Special Purpose Depository Institutions, supervision fees State Agencies - Department of Financial Institutions, Special Purpose Depository Institutions, supervision Administrative Regulations and Proceedings - Commissioner of Financial Institutions, Special Purpose Depository Institutions, regulation Administrative Regulations and Proceedings - Commissioner, Department of Financial Institutions, establishment of supervision fees Banks and Financial Institutions - Special Purpose Depository Institutions, establishment and regulation Technology - Special Purpose Depository Institutions, establishment and regulation