Kentucky Senate Bill 101 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 14 2016 - 25% progression, died in chamber
Action: 2016-01-19 - to Banking & Insurance (S)
Text: Latest bill text (Draft #1) [PDF]

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; state that this Act may be cited as the Responsible Payday Lending Act.

AN ACT relating to deferred deposit transactions.

Sen. Alice Kerr [R]

Sen. Reginald Thomas [D]

Sen. Julie Raque Adams [R]

Sen. Dennis Parrett [D]

Date	Chamber	Action
2016-01-19	Senate	to Banking & Insurance (S)
2016-01-14	Senate	introduced in Senate

Type	Source
Summary	http://www.lrc.ky.gov/record/16RS/SB101.htm
Text	http://www.lrc.ky.gov/record/16RS/SB101/bill.pdf