Senate Bill 148

Actions
Last Action 02/01/24: to Banking & Insurance (S)
Title AN ACT relating to nonrecourse consumer legal funding.
Bill Documents Introduced
Bill Request Number 1451
Sponsors P. Wheeler, J. Turner
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; direct that transactions made in compliance with the new subtitle on nonrecourse consumer legal funding are not champerty; establish penalties; direct that the new subtitle on nonrecourse consumer legal funding shall not restrict the powers or duties of the Attorney General; create a new section of KRS Chapter 365 to establish disclosure requirements; establish attorney communications and responsibilities; and direct that a nonrecourse consumer legal funding transactions is inadmissible as evidence; 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, 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

Actions

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01/30/24
  • introduced in Senate
  • to Committee on Committees (S)
02/01/24
  • to Banking & Insurance (S)


Last updated: 4/18/2024 12:47 PM (EDT)