Kentucky
General Assembly

02/14/22	introduced in House to Committee on Committees (H)
02/22/22	to Banking & Insurance (H)
02/23/22	reported favorably, 1st reading, to Calendar floor amendment (1) filed
02/24/22	2nd reading, to Rules
02/25/22	posted for passage in the Regular Orders of the Day for Monday, February 28, 2022
03/09/22	floor amendment (2) filed
03/10/22	3rd reading, passed 94-2 with Floor Amendment (2)
03/11/22	received in Senate to Committee on Committees (S)
03/16/22	to Banking & Insurance (S)
03/22/22	reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
03/23/22	2nd reading, to Rules as a consent bill
03/24/22	posted for passage in the Consent Orders of the Day for Friday, March 25, 2022
03/25/22	passed over and retained in the Consent Orders of the Day
03/29/22	3rd reading, passed 36-0 with Committee Substitute (1) received in House to Rules (H) taken from Rules (H) posted for passage for concurrence in Senate Committee Substitute (1)
03/30/22	House concurred in Senate Committee Substitute (1) passed 93-0 enrolled, signed by Speaker of the House enrolled, signed by President of the Senate delivered to Governor
04/07/22	signed by Governor (Acts Ch. 88)

Amendment	House Floor Amendment 1
Piggyback?	Yes
Sponsor	P. Minter
Summary	Replaces original provisions with the following: Establish Subtitle 12 of KRS Chapter 286 and create sections thereof to define terms; establish licensing requirements for certain student loan servicers; establish requirements for student loan servicing activities; require student loan servicers to comply with applicable state and federal law; establish fines for violations of the subtitle; establish a private right of action for violations of the subtitle; permit the commissioner of the Department of Financial Institutions to monitor risk to consumers relating to servicing student loans; require the commissioner to designate a student loan ombudsman; establish requirements for student loan ombudsman; amend KRS 452.005 to conform; state that provisions of this Act shall be severable.
Index Headings	Education, Finance - Student loan servicing, requirements Education, Higher - Student loan servicing, requirements Federal Laws and Regulations - Student loan servicers, compliance requirements Licensing - Student loan servicers Piggybacked Bills - HB 53 State Agencies - Department of Financial Institutions, student loan servicer, regulation Administrative Regulations and Proceedings - Commissioner, Department of Financial Institutions, student loan servicing Banks and Financial Institutions - Student loan servicers, requirements Reports Mandated - Student loan ombudsman, annual report Reports Mandated - Student loan servicers, annual report to commissioner

Amendment	House Floor Amendment 2
Sponsor	D. Frazier Gordon
Summary	Provide that persons servicing federal loans in this state are deemed by operation of law to be licensed and require compliance with provisions of the subtitle; deletes language relating to admitting certain documents prepared by department employees as evidence; provides that the commissioner may condition, deny, suspend, or revoke a license for a material violation of the subtitle, administrative regulation, or order; establishes a willful standard for certain prohibited conduct; limits civil penalties to violations that are repetitive or a pattern or practice of the licensee; limits civil penalties for violations applicable to borrowers with a disability, military borrowers, older borrowers, and borrowers working in public service to violations that result in financial harm; makes technical corrrections.
Index Headings	Banks and Financial Institutions - Student education loan servicers, regulatory requirements Education, Finance - Student education loan servicers, regulatory requirements Education, Higher - Student education loan servicers, regulatory requirements Licensing - Student education loan servicers, requirements Loans and Credit - Student education loans, servicers, regulatory requirements State Agencies - Department of Financial Institutions, student education loan servicers, regulatory requirements

Amendment	Senate Committee Substitute 1
Summary	Retain original provisions except exempt wholly owned subsidiaries of certain banks, trust companies, and industrial loan companies from the new subtitle on student education loan servicing.
Index Headings	Education, Finance - Student education loan servicers, regulatory requirements, exemption Education, Higher - Student education loan servicers, regulatory requirements, exemption Banks and Financial Institutions - Student education loan servicers, regulatory requirements, exemption