Senate Bill 16

Actions
Last Action 01/04/22: to Banking & Insurance (S)
Title AN ACT relating to special purpose depository institutions.
Bill Documents Introduced
Bill Request Number 954
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, 2022; EFFECTIVE, in part, on October 1, 2022.
Index Headings of Original Version Effective Dates, Delayed - Special purpose depository institutions, October 1, 2022
Fees - Special purpose depository institutions, supervision fees
State Agencies - Department of Financial Institutions, special purpose depository institutions, supervision
Administrative Regulations and Proceedings - Commissioner, 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

Actions

Top
11/05/21
  • Prefiled by the sponsor(s).
01/04/22
  • introduced in Senate
  • to Committee on Committees (S)
  • to Banking & Insurance (S)


Last updated: 5/25/2022 2:58 PM (EDT)
To receive notice when the record is updated follow @LRCTweetBot.