| Last Action | 04/09/24: signed by Governor (Acts Ch. 152) |
|---|---|
| Title | AN ACT relating to the regulation of financial institutions. |
| Bill Documents |
Acts Chapter 152
Current/Final Introduced |
| Fiscal Impact Statements |
Corrections Impact
Local Mandate Additional Fiscal Impact Statements Exist |
| Bill Request Number | 47 |
| Sponsor | M. Meredith |
| Summary of Enacted Version | Amends sections of Subtitles 1, 2, and 3 of KRS Chapter 286 to consolidate statutes, to make technical corrections, and to make revisions to the required banking experience of the financial institutions commissioner, the Financial Institutions Board, prohibited practices of financial institution examiners, application of financial services code to national bank or federal savings association operating subsidiaries, examination of safe deposit boxes, transaction of business by foreign financial institutions, banking definitions, the transaction of banking or trust business in this state, state bank and trust company charter requirements, and state bank investment powers; amends sections of Subtitle 3 of KRS Chapter 286 relating to the definition of a receivership court for an insolvent bank, national bank to state bank conversions, state bank branching powers, bank holidays, pledges of bank assets, bank dividends, bank acquisitions, bank concentration limits, interstate merger transactions, out-of-state bank powers, and banking code penalties; creates new sections of Subtitles 2 and 3 of KRS Chapter 286 to establish rules of application and interpretation, to establish national bank parity regulatory authority of the commissioner, and to amend various sections to conform; repeals sections within Subtitles 1, 2, and 3 of KRS Chapter 286 relating to financial institution commissioner appointments, improperly influencing real estate appraisals, financial institution definitions, foreign financial institutions, banking business powers, bank officers and directors, capital requirements for banks and trust companies, bank branch requirements, installment loans, educational loans to minors, and revolving credit plans; amends KRS 286.3-095 to require reporting for changes in control of bank holding companies that own a state bank; amends KRS 286.3-145 to modify the requirements for state trust companies doing business outside of Kentucky; amends KRS 286.3-146 to modify the requirements for out-of-state trust companies to do business in Kentucky; amends KRS 286.3-690 to permit the commissioner of financial institutions to remove a bank employee from office; repeals Subtitle 5 of KRS Chapter 286, relating to the chartering and regulation of state savings and loan associations, except provision relating to transacting of business by out-of-state savings and loan associations; repeals Subtitles 7 and 10 of KRS Chapter 286, relating to the licensing and regulation of industrial loan corporations and title pledge lending; amends KRS 286.8-034 to modify application fees and annual assessment fees for mortgage loan companies and mortgage loan brokers; repeals KRS 365.205, relating to printing requirements for personal checks; and provides for the initial and staggered appointments to the Financial Institutions Board. |
| Summary of Original Version | Amend various sections of Subtitles 1, 2, and 3 of KRS Chapter 286, the financial services code, to consolidate statutes; make technical corrections; make numerous revisions to the required banking experience of the financial institutions commissioner; the Financial Institutions Board; prohibited practices of financial institution examiners; application of chapter to national bank or federal savings association operating subsidiaries; examination of safe deposit boxes; transaction of business by foreign financial institutions; banking definitions; the transaction of banking or trust business in this state; state bank and trust company charter requirements; national bank parity authorizations; state bank investment powers; amend KRS 286.3-095 to require reporting for changes in control of bank holding companies that own a state bank; amend KRS 286.3-145 to modify the requirements for state trust companies doing business outside of Kentucky; amend KRS 286.3-146 to modify the requirements for out-of-state trust companies to do business in Kentucky; amend KRS 286.3-690 to permit the commissioner to remove a bank employee from office; amend various Subtitle 3 of KRS Chapter 286 relating to the definition of a receivership court for an insolvent bank; national bank to state bank conversions; state bank branching powers; bank holidays; pledges of bank assets; bank dividends, bank acquisitions, bank concentration limits; interstate merger transactions; out-of-state bank powers; and banking code penalties; create new sections of Subtitles 2 and 3 of KRS Chapter 286 to establish rules of application and interpretation, and establish regulatory authority of the commissioner; amend various sections to conform; repeal various sections within Subtitles 1, 2, and 3 of KRS Chapter 286 relating to financial institution commissioner appointments, improperly influencing real estate appraisals, financial institution definitions, foreign financial institutions, banking business powers; bank officers and directors; capital requirements for banks and trust companies; bank branch requirements; installment loans, educational loans to minors, and revolving credit plans; repeal Subtitle 5 of KRS Chapter 286, relating to the chartering and regulation of state savings and loan associations, except provision relating to transacting of business by out-of-state savings and loan associations; repeal Subtitles 7 and 10 of KRS Chapter 286, relating to the licensing and regulation of industrial loan corporations and title pledge lending; repeal KRS 365.205, relating to printing requirements for personal checks; provide for the initial and staggered appointments to the Financial Institutions Board. |
| Index Headings of Original Version |
Federal Laws and Regulations - National banks, state bank parity Licensing - Banks and trust companies, charter requirements Licensing - Industrial loan corporations, licensing and regulation Licensing - State-chartered savings and loan associations, chartering and regulation Licensing - Title pledge lending, licensing and regulation Local Mandate - Banks and financial institutions, regulation Secretary of State - Articles of incorporation, banks and trust companies, requirements State Agencies - Department of Financial Institutions, administration Technical Corrections - Banks and financial institutions, regulation Trade Practices and Retailing - Banks and financial institutions, regulation Banks and Financial Institutions - Industrial loan corporations, licensing and regulation Banks and Financial Institutions - Omnibus bill Banks and Financial Institutions - State-chartered savings and loan associations, chartering and regulation Banks and Financial Institutions - Title pledge lending, licensing and regulation Banks and Financial Institutions - Transaction of business, regulation Corrections Impact - Banks and financial institutions, regulation |
| Jump to Proposed Amendments | Senate Committee Substitute 1 with Fiscal Impact Statements |
| Votes | Vote History |
| 02/26/24 |
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| 02/27/24 |
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| 02/28/24 |
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| 02/29/24 |
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| 03/01/24 |
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| 03/07/24 |
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| 03/08/24 |
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| 03/21/24 |
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| 03/26/24 |
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| 03/27/24 |
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| 03/28/24 |
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| 04/09/24 |
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| Amendment | Senate Committee Substitute 1 |
|---|---|
| Fiscal Impact Statements |
Corrections Impact to Senate Committee Substitute 1
Local Mandate to Senate Committee Substitute 1 |
| Summary | Retain original provisions; amend KRS 286.8-034 to modify application fees and annual assessment fees for mortgage loan companies and mortgage loan brokers. |
| Index Headings |
Fees - Mortgage loan companies and brokers, application and annual assessment Loans and Credit - Mortgage loan companies and brokers, application and annual assessment fees Banks and Financial Institutions - Mortgage loan companies and brokers, application and annual assessment fees Corrections Impact - Mortgage loan companies and brokers, application and annual assessment Local Mandate - Mortgage loan companies and brokers, application and annual assessment fees |
Last updated: 9/26/2024 1:37 PM (EDT)