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House Bill 88

Actions | Amendments

Last Action	04/04/24: signed by Governor
Title	AN ACT relating to unlawful trade practices and declaring an emergency.
Bill Documents	Current/Final Introduced
Fiscal Impact Statements	Corrections Impact Local Mandate Additional Fiscal Impact Statements Exist
Bill Request Number	159
Sponsors	M. Meredith, M. Pollock, A. Bowling, S. Bratcher, R. Bridges, B. Chester-Burton, M. Clines, P. Flannery, A. Gentry, K. Jackson, DJ Johnson, W. Lawrence, D. Lewis, S. Lewis, M. Lockett, S. McPherson, D. Meade , S. Miles, K. Moser, R. Roarx, W. Williams
Summary of Original Version	Repeal, reenact, and amend KRS 286.2-685 as a new section of Subtitle 3 of KRS Chapter 286 to make technical amendments; remove prohibition against use of financial institution names in certain marketing and solicitations; establish a civil penalty for violation of section; establish a new section of KRS Chapter 367 to prohibit the use of financial institution names in the marketing and solicitations of persons who are not financial institutions in certain circumstances; make violation of section an unfair, false, misleading, or deceptive trade practice in violation of KRS 367.170; authorize enforcement by the Attorney General and any trade organization representing one or more financial institution industries; establish remedies for violation of section; establish a new section of KRS Chapter 367 to regulate certain real estate service agreements; make recording of certain real estate service agreements a crime and provide penalties for violation of recording prohibition; make violation of section an unfair, false, misleading, or deceptive trade practice in violation of KRS 367.170; authorize enforcement of section by Attorney General; authorize Attorney General to promulgate administrative regulations; amend KRS 324.160 to establish that violation of section regulating real estate service contracts by real estate licensees is improper conduct; provide that the provisions of the Act are severable; RETROACTIVE, in part; EMERGENCY.
Index Headings of Original Version	Effective Dates, Emergency - Attorney General, unlawful enforcement of trade practices Real Estate - Licensees, unlawful trade practices, service agreements, improper conduct Real Estate - Service agreements, unlawful trade practices Trade Practices and Retailing - Financial institution names, unlawful use Trade Practices and Retailing - Real estate service agreements, regulation Retroactive Legislation - Unlawful real estate service agreements Administrative Regulations and Proceedings - Attorney General, unlawful financial trade practices enforcement Administrative Regulations and Proceedings - Attorney General, unlawful real estate trade practices enforcement Advertising - Financial institution names, unlawful use Banks and Financial Institutions - Financial institution names, unlawful use Banks and Financial Institutions - Use of certain banking terms in name, prohibition Consumer Affairs - Financial institution names, unlawful use Consumer Affairs - Residential real estate, unlawful trade practices Contracts - Unlawful real estate service agreements Corrections Impact - Unlawful financial trade practices enforcement Local Mandate - Unlawful financial trade practices enforcement
Jump to Proposed Amendments	House Committee Substitute 1 with Fiscal Impact Statements House Floor Amendment 1 Senate Committee Amendment 1
Votes	Vote History

Actions

Top | Amendments

01/02/24	introduced in House to Committee on Committees (H)
01/09/24	to Banking & Insurance (H)
01/10/24	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
01/11/24	2nd reading, to Rules
01/12/24	posted for passage in the Regular Orders of the Day for Tuesday, January 16, 2024
01/16/24	floor amendment (1) filed to Committee Substitute
01/17/24	3rd reading, passed 93-0 with Committee Substitute (1) and Floor Amendment (1)
01/18/24	received in Senate to Committee on Committees (S)
01/22/24	to Banking & Insurance (S)
02/27/24	reported favorably, 1st reading, to Calendar with Committee Amendment (1)
02/28/24	2nd reading, to Rules
03/15/24	posted for passage in the Regular Orders of the Day for Thursday, March 21, 2024
03/21/24	passed over and retained in the Orders of the Day
03/22/24	3rd reading, passed 36-0 with Committee Amendment (1)
03/25/24	received in House to Rules (H)
03/26/24	posted for passage for concurrence in Senate Committee Amendment (1)
03/27/24	House concurred in Senate Committee Amendment (1) passed 96-0 enrolled, signed by Speaker of the House enrolled, signed by President of the Senate delivered to Governor
04/04/24	signed by Governor

Proposed Amendments

Top | Actions

Amendment	House Committee Substitute 1
Fiscal Impact Statements	Corrections Impact to House Committee Substitute 1 Local Mandate to House Committee Substitute 1
Summary	Retain original provisions, except amend the definition of "person"; provide attorney's fees and costs and a statutory penalty for a violation of Section 2 of this Act; direct that the Attorney General, any Commonwealth's attorney, or county attorney may enforce Class B misdemeanor penalty under Section 3 of this Act; make technical corrections.
Index Headings	Real Estate - Licensees, unlawful trade practices, service agreements, improper conduct Real Estate - Service agreements, unlawful trade practices Trade Practices and Retailing - Financial institution names, unlawful use Trade Practices and Retailing - Real estate service agreements, regulation Retroactive Legislation - Unlawful real estate service agreements Administrative Regulations and Proceedings - Attorney General, unlawful financial trade practices enforcement Administrative Regulations and Proceedings - Attorney General, unlawful real estate trade practices enforcement Advertising - Financial institution names, unlawful use Banks and Financial Institutions - Financial institution names, unlawful use Banks and Financial Institutions - Use of certain banking terms in name, prohibition Consumer Affairs - Financial institution names, unlawful use Consumer Affairs - Residential real estate, unlawful trade practices Contracts - Unlawful real estate service agreements Local Mandate - Unlawful real estate service agreements Corrections Impact - Unlawful real estate service agreements

Amendment	House Floor Amendment 1
Sponsor	M. Meredith
Summary	Amend definition of "financial institution" in Section 2 of this Act; provide that a financial institution may provide consent to marketing material, solicitation, or advertising in written or electronic format; amend definition of "service provider" in Section 3 of this Act.
Index Headings	Real Estate - Service agreements, unlawful trade practices Securities - Financial institution names, unlawful use Trade Practices and Retailing - Real estate service agreements, regulation Banks and Financial Institutions - Financial institution names, unlawful use

Amendment	Senate Committee Amendment 1
Sponsor	J. Carpenter
Summary	Amend definition of "financial institution" to make a technical correction.
Index Headings	Banks and Financial Institutions - Financial institutions names, unlawful use, technical correction Technical Corrections - HB 88

Last updated: 4/22/2024 3:57 PM (EDT)