Kentucky Senate Bill 148

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 30 2024 - 25% progression, died in committee
Action: 2024-02-01 - to Banking & Insurance (S)
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Introduced) [PDF]

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.

AN ACT relating to nonrecourse consumer legal funding.

Sen. Phillip Wheeler [R]

Sen. Johnnie Turner [R]

Date	Chamber	Action
2024-02-01	Senate	to Banking & Insurance (S)
2024-01-30	Senate	to Committee on Committees (S)
2024-01-30	Senate	introduced in Senate

Type	Source
Summary	https://apps.legislature.ky.gov/record/24RS/sb148.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/24RS/sb148/orig_bill.pdf