98RS HB514


Unofficial WWW Version

HB 514 (BR 1785) - R. Thomas, J. Bruce

     AN ACT relating to consumer loan companies.
     Amend KRS 288.430 to require the application for a consumer loan company to include the names and addresses the principal officers and directors; amend KRS 288.450 to delete requirement that the commissioner must find that the applicant will promote the convenience and advantage of the community; amend KRS 288.470 to allow consumer loan companies to operate in other businesses that engage in purchases of retail and installment sales contracts and motor club memberships; amend KRS 288.533 to permit consumer loan companies to charge a credit investigation fee of $1 for every $50 of the loan on the first $2000 of the loan; amend KRS 288.610 to require consumer loan companies to pay a fee to cover annual examinations; amend KRS 288.615 to make technical changes; amend KRS 288.620 to delete provision that prohibits a person from charging any interest, discount, or consideration greater than six percent per annum upon any loan in the amount of $15,000; repeal KRS 288.510, financial condition of licensee, and KRS 288.515, advertising statement required where institution not fully insured.


     HCS - Amend KRS 288.440 to increase application fee.

     Feb 5-introduced in House
     Feb 6-to Banking and Insurance (H)
     Feb 9-posted in committee
     Feb 12-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 17-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for February 18, 1998
     Feb 23-3rd reading, passed 89-2 wtih Committee Substitute
     Feb 24-received in Senate
     Feb 25-to Banking and Insurance (S)
     Mar 11-reported favorably, 1st reading, to Consent Calendar
     Mar 12-2nd reading, to Rules
     Mar 13-posted for passage in the Consent Orders of the Day for March 17, 1998
     Mar 17-3rd reading, passed 27-9
     Mar 18-received in House
     Mar 19-enrolled, signed by each presiding officer, delivered to Governor
     Mar 27-signed by Governor

Kentucky Legislature Home Page | Record Front Page