Kentucky House Bill 182 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 29-0)
Status: Introduced on January 5 2011 - 25% progression, died in committee
Action: 2011-02-10 - posted in committee
Pending: House Banking and Insurance Committee
Text: Latest bill text (Draft #2) [MS Word]

Amend KRS 286.9-010 to define "annual percentage rate","consideration", and "interest"; amend KRS 286.9-100 to delete the service fee of $15 per $100 loan and establish a maximum annual percentage rate of thirty-six percent (36%), provide that making a deferred deposit transaction in violation of the maximum interest provisions of this Act is an unfair, false, misleading and deceptive practice in violation of the Consumer Protection Act and subject to its rights and remedies, and prohibit a licensee from engaging in deceptive practices to evade the requirements of Subtitle 9 of KRS Chapter 286; amend KRS 286.9-102 to require a licensee to conspicuously display interest charges for services; and create a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions of this Act 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 (2) years of the deferred deposit transaction.

AN ACT relating to deferred deposit transactions.

Rep. Royce Adams [D]	Rep. Linda Belcher [D]	Rep. Thomas Burch [D]	Rep. Hubert Collins [D]
Rep. Jesse Crenshaw [D]	Rep. Kelly Flood [D]	Rep. James Glenn [D]	Rep. Derrick Graham [D]
Rep. Keith Hall [D]	Rep. Melvin Henley [D]	Rep. Joni Jenkins [D]	Rep. Jimmie Lee [D]
Rep. Mary Marzian [D]	Rep. Reginald Meeks [D]	Rep. Charles Miller [D]	Rep. Terry Mills [D]
Rep. Fred Nesler [D]	Rep. Sannie Overly [D]	Rep. Darryl Owens [D]	Rep. Ruth Palumbo [D]
Rep. Tanya Pullin [D]	Rep. Tom Riner [D]	Rep. Carl Rollins [D]	Rep. Kevin Sinnette [D]
Rep. Gregory Stumbo [D]	Rep. David Watkins [D]	Rep. Jim Wayne [D]	Rep. Susan Westrom [D]
Rep. Brent Yonts [D]

Date	Chamber	Action
2011-02-10		posted in committee
2011-01-06		to Banking & Insurance (H)
2011-01-05		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/11RS/HB182.htm
Text	http://www.lrc.ky.gov/record/11RS/HB182/bill.doc