Kentucky Senate Bill 32 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Introduced on January 6 2015 - 25% progression, died in committee
Action: 2015-02-03 - to State & Local Government (S)
Pending: Senate State & Local Government Committee
Text: Latest bill text (Draft #1) [MS Word]

Amend KRS 286.9-010 to define "annual percentage rate," "consideration," and "interest"; amend KRS 286.9-100, relating to deferred deposit transactions, to delete the service fee of $15 per $100 loan and establish a tiered maximum annual percentage rate of 36 percent; provide that making a deferred deposit transaction in violation of the maximum interest provisions is an unfair, false, misleading and deceptive practice in violation of the Consumer Protection Act and subject to its rights and remedies; prohibit a licensee from engaging in deceptive practices to evade the requirements of Subtitle 9 of KRS Chapter 286; create a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions shall be deemed a forfeiture of the entire interest for the transaction and the person who paid the interest, or his or her legal representative, may recover twice the amount paid in any action against the lender if commenced within two years of the deferred deposit transaction.

AN ACT relating to deferred deposit transactions.

Sen. Alice Kerr [R]	Sen. Julian Carroll [D]	Sen. Perry Clark [D]	Sen. Denise Harper Angel [D]
Sen. Gerald Neal [D]	Sen. Dennis Parrett [D]	Sen. Albert Robinson [R]	Sen. Reginald Thomas [D]

Date	Chamber	Action
2015-02-03	Senate	to State & Local Government (S)
2015-01-06	Senate	introduced in Senate

Type	Source
Summary	http://www.lrc.ky.gov/record/15RS/SB32.htm
Text	http://www.lrc.ky.gov/record/15RS/SB32/bill.doc