Kentucky Senate Bill 178 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 4 2021 - 25% progression, died in committee
Action: 2021-02-04 - to Committee on Committees (S)
Pending: Senate Committee on Committees Committee
Text: Latest bill text (Introduced) [PDF]

Create a new Subtitle 12 of KRS Chapter 286 to establish special purpose depository institutions that engage in a nonlending banking business; establish findings and purposes for subtitle; provide for the organization, powers, and chartering of the institution; require directors to take oaths; establish capital, bonding, contingency, and insurance requirements; establish requirements for offering depository accounts and other services; provide that certain provisions of Subtitle 3 of KRS Chapter 286 shall apply to the institutions; establish branching requirements for in-state and out-of-state institutions; provide for administrative appeals; require the commissioner of financial institutions to adopt administrative regulations to implement the subtitle; establish administrative penalties and procedures for violations of the subtitle; establish when the commissioner shall close an institution for liquidation; establish procedures for voluntary dissolution; amend KRS 286.1-011 and 286.2-685 to conform; amend KRS 286.2-040 to allow the commissioner to examine special purpose depository institution service providers; require the commissioner to promulgate administrative regulations to implement the Act on or before October 1, 2021; EFFECTIVE, in part, on October 1, 2021.

AN ACT relating to special purpose depository institutions.

Sen. Brandon Smith [R]

Date	Chamber	Action
2021-02-04	Senate	to Committee on Committees (S)
2021-02-04	Senate	introduced in Senate

Type	Source
Summary	https://apps.legislature.ky.gov/record/21RS/sb178.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/21RS/sb178/orig_bill.pdf