| Last Action | 04/09/24: signed by Governor |
|---|---|
| Title | AN ACT relating to the regulation of financial institutions. |
| Bill Documents |
Current/Final
Introduced |
| Fiscal Impact Statements |
Corrections Impact
Local Mandate Additional Fiscal Impact Statements Exist |
| Bill Request Number | 47 |
| Sponsor | M. Meredith |
| 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: 4/22/2024 3:57 PM (EDT)