Kentucky House Bill 166 (Prior Session Legislation)

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Completed Legislative Action
Sponsorship: Partisan Bill (Democrat 3)
Status: Passed on April 8 2010 - 100% progression
Action: 2010-04-08 - signed by Governor (Acts ch. 86)
Text: Latest bill text (Draft #1) [MS Word]

Amend KRS 380.010 to define "debt adjuster," "debtor," "personal information," and "additional interested party," and amend definition of "debt adjusting"; create new sections of KRS Chapter 380 to set forth requirements regarding debt-adjusting contracts, including the requirement that contracts be in writing and signed and dated by the debtor; provide a debtor's right to cancel and set forth provisions relating to cancellation; prohibit the waiver of a debtor's rights; provide for a private right of action for persons entering into debt-adjusting transactions who have suffered loss of money or property, including the right to punitive damages and attorney's fees and costs; require debt adjusters to adhere to stated information security standards; prohibit the sale of debtor's personal information except under permitted circumstances; amend KRS 380.040 to prohibit a debt adjuster from accepting a fee, contribution, or other consideration in advance of complete performance of promised services, to require debt adjuster's to maintain insurance for violations KRS Chapter 380, and to require debt adjusters to maintain a bond or irrevocable letter of credit in the amount of $25,000 in favor of the Attorney General for the benefit of the Commonwealth or any person suffering injury or loss by reason of a violationof KRS Chapter 380; amend KRS 380.990 to allow for imposition of a $5,000 civil penalty for violation of KRS 380.040 and stipulate that violations of KRS Chapter 380 are unfair, false, misleading, or deceptive trade practices, including the ramifications thereof; amend KRS 380.030 to clarify that attorneys admitted to the practice of law in this state by the Kentucky Supreme Court are not to be considered debt adjusters.

AN ACT relating to debt adjusting.

Rep. Robert Damron [D]

Rep. Thomas Thompson [D]

Rep. Susan Westrom [D]

Date	Chamber	Action
2010-04-08		signed by Governor (Acts ch. 86)
2010-03-29		delivered to Governor
2010-03-29		enrolled, signed by each presiding officer
2010-03-29		passed 96-0
2010-03-29		House concurred in Senate Committee Substitute
2010-03-26		posted for passage for concurrence in Senate Committee Substitute for Monday, March 29, 2010
2010-03-25		to Rules (H)
2010-03-25		received in House
2010-03-25		3rd reading, passed 37-0 with Committee Substitute
2010-03-24		posted for passage in the Regular Orders of the Day for Thursday, March 25, 2010
2010-03-17		2nd reading, to Rules
2010-03-16		reported favorably, 1st reading, to Calendar with Committee Substitute
2010-02-22		to Banking & Insurance (S)
2010-02-18		received in Senate
2010-02-17		3rd reading, passed 98-0 with Committee Substitute
2010-02-11		posted for passage in the Consent Orders of the Day for Wednesday, February 17, 2010
2010-02-11		2nd reading, to Rules
2010-02-10		reported favorably, 1st reading, to Consent Calendar with Committee Substitute
2010-02-04		posted in committee
2010-01-05		to Banking & Insurance (H)
2010-01-05		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/10RS/HB166.htm
Text	http://www.lrc.ky.gov/record/10RS/HB166/bill.doc