| Last Action | 02/23/23: to Judiciary (H) |
|---|---|
| Title | AN ACT relating to nonrecourse consumer legal funding. |
| Bill Documents | Introduced |
| Bill Request Number | 984 |
| Sponsors | P. Flannery, K. Bratcher, S. Doan, J. Nemes, S. Sharp |
| Summary of Original Version | Establish Subtitle 13 of KRS Chapter 286 and create sections thereof to define terms; provide exemptions to the new subtitle on nonrecourse consumer legal funding; 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 them 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; provide that transactions made in compliance with the new subtitle on nonrecourse consumer legal funding are not champerty; 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 - Department of Financial Institutions, commissioner, 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 |
| 02/08/23 |
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| 02/23/23 |
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Last updated: 11/9/2023 3:03 PM (EST)