HB 102 (BR 1212) - J. Coleman
AN ACT relating to deferred deposit transactions.
Amend KRS 368.010 to define "check cashing", to clarify that a deferred deposit transaction means accepting a postdated check, and to define "postdated check"; amend KRS 368.020 to clarify that check cashing businesses and deferred deposit service businesses have separate licenses; amend KRS 368.090 to require the Department of Financial Institutions to promulgate administrative regulations and to conduct annual examinations of the business records of a licensee; amend 368.100 to establish that a deferred deposit service business is subject to KRS Chapter 360 relating to interest and usury; amend KRS 368.102 to require deferred deposit service businesses to display interest rates.
(Prefiled by the sponsor(s))
Jan 8-introduced in House; to Banking and Insurance (H)
Jan 10-posted in committee