| Title | AN ACT relating to special purpose depository institutions. |
|---|---|
| Bill Documents | Original |
| Sponsors | 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 |
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 |
| 11/05/21 | Prefiled by the sponsor(s). |
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Last updated: 12/21/2021 12:15 PM (EST)
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