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HB 73 (BR 350) - J. Coleman, F. Rasche
AN ACT related to deferred deposit transactions.
Amend KRS 368.010 to define "check cashing", to clarify that a deferred deposit transaction means accepting a postdated check, and to define "postdated check"; amend KRS 368.020 to clarify that check cashing businesses and deferred deposit service businesses have separate licenses; amend KRS 368.090 to require the Department of Financial Institutions to promulgate administrative regulations and to conduct annual examinations of the business records of a licensee; amend 368.100 to establish that a deferred deposit service business is subject to KRS Chapter 360, relating to interest and usury; amend KRS 368.102 to require deferred deposit service businesses to display interest rates.
HB 73 - AMENDMENTS
HCS - Amend KRS 368.090 to require the Department of Financial Institutions to promulgate administrative regulations regarding deferred deposit transaction service businesses; amend KRS 368.100 to establish that the fifteen ($15) fee charge is per one hundred dollars ($100) advanced to the customer, to establish that the five hundred dollar ($500) maximum includes all service fees, to require a seven (7) day lapse following payment before a new deferred deposit transaction may be consummated; to prohibit a customer from paying collection fees unless so ordered by a court or as set forth in KRS 368.102, to prohibit electronic debit of a customer's account; and amend KRS 368.102 to limit to two (2), the number of times a check may be presented to a financial institution for payment, to limit the check collection charge to a one (1) time, ten dollar ($10) fee.
HFA (1, G. Stumbo) - Delete provision that prohibited a deferred deposit service business from entering into a new deferred deposit transaction with a customer for at least 7 days; add a new section stating the intent of the General Assembly.
HFA (2, P. Bather) - Amend to define change the stay between deferred deposit transactions from 7 days to 24 hours and to exempt paydown option customers from the seven (7) day stay between deferred deposit transactions.
HFA (3, P. Bather) - Amend to define "paydown option" and to exempt paydown option customers from the seven (7) day stay between deferred deposit transactions.
SCA (1, E. Scorsone) - Delete the last section of the bill relating to legislative intent as to deferred deposit transactions.
(Prefiled by the sponsor(s))
Jan 4-introduced in House; to Banking and Insurance (H)
Jan 10-posted in committee
Jan 27-reported favorably, 1st reading, to Calendar with Committee Substitute
Jan 28-2nd reading, to Rules
Feb 2-posted for passage in the Regular Orders of the Day for Thursday, February 3, 2000
Feb 8-floor amendment (1) filed to Committee Substitute
Feb 10-floor amendments (2) and (3) filed to Committee Substitute
Feb 14-3rd reading, passed 58-34 with Committee Substitute, floor amendment (1)
Feb 15-received in Senate
Feb 17-to Judiciary (S)
Mar 23-reported favorably, 1st reading, to Calendar with committee amendment (1)
Mar 24-2nd reading, to Rules
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