Kentucky
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House Bill 489

Actions | Amendments
Last Action 03/29/22: recommitted to Appropriations & Revenue (H)
Title AN ACT relating to nonrecourse consumer legal funding.
Bill Documents Introduced
Bill Request Number 1404
Sponsors J. Blanton, K. Banta, M. Dossett, P. Flannery, B. McCool, S. Santoro
Summary of Original Version Establish Subtitle 12 of KRS Chapter 286 and create sections thereof to define terms; prohibit engaging in the business of nonrecourse consumer legal funding transactions without a license; establish licensing requirements; provide that nonrecourse consumer legal funding transactions are not loans and exempt from statute relating to interest; establish requirements for nonrecourse consumer legal funding transaction contracts; prohibit certain actions by nonrecourse consumer legal funding companies; provide for attorney communications and responsibilities; establish penalties; provide that the new subtitle on nonrecourse consumer legal funding shall not restrict the powers or duties of the Attorney General; amend KRS 286.4-410, 360.010, and 372.060 to conform.
Index Headings of Original Version Fees - Licensing application, nonrecourse consumer legal funding
Interest and Usury - Nonrecourse consumer legal funding, exemption
Licensing - Department of Financial Institutions, nonrecourse consumer legal funding
State Agencies - Department of Financial Institutions, nonrecourse consumer legal funding, regulatory requirements
Administrative Regulations and Proceedings - Commissioner, Department of Financial Institutions, nonrecourse consumer legal funding
Attorney General - Nonrecourse consumer legal funding, regulatory requirements
Attorneys - Nonrecourse consumer legal funding, regulatory requirements
Banks and Financial Institutions - Nonrecourse consumer legal funding, regulatory requirements
Civil Actions - Nonrecourse consumer legal funding, regulatory requirements
Claims - Civil actions, nonrecourse consumer legal funding, regulatory requirements
Contracts - Nonrecourse consumer legal funding transaction contracts, regulatory requirements
Jump to Proposed Amendments House Floor Amendment 1
House Floor Amendment 2

Actions

Top | Amendments
02/11/22
  • introduced in House
  • to Committee on Committees (H)
03/08/22
  • to Judiciary (H)
03/09/22
  • reported favorably, 1st reading, to Calendar
03/10/22
  • 2nd reading, to Rules
03/17/22
  • floor amendments (1) and (2) filed
03/29/22
  • recommitted to Appropriations & Revenue (H)

Proposed Amendments

Top | Actions
Amendment House Floor Amendment 1
Sponsor J. Blanton
Summary Provide for exemptions to the new subtitle on nonrecourse consumer legal funding; provide that nonrecourse consumer legal funding transactions that comply with the subtitle are not champerty; establish maximum charges and fees for nonrecourse consumer legal funding transactions; make conforming amendments.
Index Headings Banks and Financial Institutions - Nonrecourse consumer legal funding, regulatory requirements
Fees - Nonrecourse consumer legal funding transactions, maximums
Interest and Usury - Nonrecourse consumer legal funding transactions, maximum fees and charges
Contracts - Nonrecourse consumer legal funding transaction, champerty, exception

Amendment House Floor Amendment 2
Sponsor J. Blanton
Summary Provide for exemptions to the new subtitle on nonrecourse consumer legal funding; provide that nonrecourse consumer legal funding transactions that comply with the subtitle are not champerty; establish maximum charges and fees for nonrecourse consumer legal funding transactions; make conforming amendments.
Index Headings Fees - Nonrecourse consumer legal funding transactions, maximums
Interest and Usury - Nonrecourse consumer legal funding transactions, maximum fees and charges
Banks and Financial Institutions - Nonrecourse consumer legal funding, regulatory requirements
Contracts - Nonrecourse consumer legal funding transaction, champerty, exception

Last updated: 2/8/2023 2:57 PM (EST)