Last Action | 03/29/22: recommitted to Appropriations & Revenue (H) |
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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 |
02/11/22 |
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03/08/22 |
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03/09/22 |
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03/10/22 |
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03/17/22 |
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03/29/22 |
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Amendment | House Floor Amendment 1 |
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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 |
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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)