KY HB726 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 9 2024 - 100% progression
Action: 2024-04-09 - signed by Governor (Acts Ch. 152)
Text: Latest bill text (Chaptered) [PDF]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 9 2024 - 100% progression
Action: 2024-04-09 - signed by Governor (Acts Ch. 152)
Text: Latest bill text (Chaptered) [PDF]
Summary
Amends sections of Subtitles 1, 2, and 3 of KRS Chapter 286 to consolidate statutes, to make technical corrections, and to make revisions to the required banking experience of the financial institutions commissioner, the Financial Institutions Board, prohibited practices of financial institution examiners, application of financial services code to national bank or federal savings association operating subsidiaries, examination of safe deposit boxes, transaction of business by foreign financial institutions, banking definitions, the transaction of banking or trust business in this state, state bank and trust company charter requirements, and state bank investment powers; amends sections of Subtitle 3 of KRS Chapter 286 relating to the definition of a receivership court for an insolvent bank, national bank to state bank conversions, state bank branching powers, bank holidays, pledges of bank assets, bank dividends, bank acquisitions, bank concentration limits, interstate merger transactions, out-of-state bank powers, and banking code penalties; creates new sections of Subtitles 2 and 3 of KRS Chapter 286 to establish rules of application and interpretation, to establish national bank parity regulatory authority of the commissioner, and to amend various sections to conform; repeals sections within Subtitles 1, 2, and 3 of KRS Chapter 286 relating to financial institution commissioner appointments, improperly influencing real estate appraisals, financial institution definitions, foreign financial institutions, banking business powers, bank officers and directors, capital requirements for banks and trust companies, bank branch requirements, installment loans, educational loans to minors, and revolving credit plans; amends KRS 286.3-095 to require reporting for changes in control of bank holding companies that own a state bank; amends KRS 286.3-145 to modify the requirements for state trust companies doing business outside of Kentucky; amends KRS 286.3-146 to modify the requirements for out-of-state trust companies to do business in Kentucky; amends KRS 286.3-690 to permit the commissioner of financial institutions to remove a bank employee from office; repeals Subtitle 5 of KRS Chapter 286, relating to the chartering and regulation of state savings and loan associations, except provision relating to transacting of business by out-of-state savings and loan associations; repeals Subtitles 7 and 10 of KRS Chapter 286, relating to the licensing and regulation of industrial loan corporations and title pledge lending; amends KRS 286.8-034 to modify application fees and annual assessment fees for mortgage loan companies and mortgage loan brokers; repeals KRS 365.205, relating to printing requirements for personal checks; and provides for the initial and staggered appointments to the Financial Institutions Board.
Title
AN ACT relating to the regulation of financial institutions.
Sponsors
Roll Calls
2024-03-28 - House - House: Third Reading RCS# 430 (Y: 91 N: 1 NV: 0 Abs: 8) [PASS]
2024-03-28 - Senate - Senate: Third Reading W/scs1 RSN# 3153 (Y: 38 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-07 - House - House: Third Reading RCS# 232 (Y: 95 N: 0 NV: 0 Abs: 3) [PASS]
2024-03-28 - Senate - Senate: Third Reading W/scs1 RSN# 3153 (Y: 38 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-07 - House - House: Third Reading RCS# 232 (Y: 95 N: 0 NV: 0 Abs: 3) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-09 | House | signed by Governor (Acts Ch. 152) |
| 2024-03-28 | House | delivered to Governor |
| 2024-03-28 | House | enrolled, signed by President of the Senate |
| 2024-03-28 | House | enrolled, signed by Speaker of the House |
| 2024-03-28 | House | passed 91-1 with Committee Substitute (1) |
| 2024-03-28 | House | House concurred in Senate Committee Substitute (1) |
| 2024-03-28 | House | posted for passage for concurrence in Senate Committee Substitute (1) |
| 2024-03-28 | House | to Rules (H) |
| 2024-03-28 | House | received in House |
| 2024-03-28 | Senate | 3rd reading, passed 38-0 with Committee Substitute (1) |
| 2024-03-27 | Senate | posted for passage in the Consent Orders of the Day for Thursday, March 28, 2024 |
| 2024-03-27 | Senate | 2nd reading, to Rules as a consent bill |
| 2024-03-26 | Senate | reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1) |
| 2024-03-21 | Senate | to Banking & Insurance (S) |
| 2024-03-08 | Senate | to Committee on Committees (S) |
| 2024-03-08 | Senate | received in Senate |
| 2024-03-07 | House | 3rd reading, passed 95-0 |
| 2024-03-01 | House | posted for passage in the Regular Orders of the Day for Monday, March 04, 2024 |
| 2024-02-29 | House | 2nd reading, to Rules |
| 2024-02-28 | House | reported favorably, 1st reading, to Calendar |
| 2024-02-27 | House | to Banking & Insurance (H) |
| 2024-02-26 | House | to Committee on Committees (H) |
| 2024-02-26 | House | introduced in House |
Subjects
Banks and Financial Institutions
Corrections Impact
Federal Laws and Regulations
Licensing
Local Mandate
Secretary of State
State Agencies
Technical Corrections
Trade Practices and Retailing
Corrections Impact
Federal Laws and Regulations
Licensing
Local Mandate
Secretary of State
State Agencies
Technical Corrections
Trade Practices and Retailing
