02RS HB688


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HB 688 (BR 2143) - Dw. Butler, S. Westrom

     AN ACT relating to negotiable instruments.
     Create a new section of KRS Chapter 367 to prohibit the solicitation of business by the mailing negotiable instruments where the indorsement and negotiation of the instrument forms the acceptance of the offer.


     HCS - Delete provisions of original bill; create a new section of KRS Chapter 372 to specify under what circumstances a check or similar item sent in the mail with the intent to form a contract is not a valid offer for contract formation; require particular disclosures and notices; provide that an attempt to enforce purported contracts not meeting these requirements is a violation of the Consumer Protection Act; give the Attorney General, Commonwealths' attorneys, and county attorneys concurrent jurisdiction to enforce; provide that offerors not meeting requirements shall hold depository banks and holders in due course harmless for those items.

     HCA (1/Title, D. Butler) - Amend title to read "AN ACT relating to contract formation."

     HFA (1, D. Butler) - Amend to omit licensed lenders from coverage of bill.

     Feb 19-introduced in House
     Feb 20-to Judiciary (H)
     Feb 22-posted in committee
     Mar 6-reported favorably, 1st reading, to Calendar with Committee Substitute, committee amendment (1-title)
     Mar 7-2nd reading, to Rules
     Mar 11-floor amendment (1) filed to Committee Substitute
     Mar 14-posted for passage in the Regular Orders of the Day for Friday, March 15, 2002
     Mar 18-3rd reading, passed 98-0 with Committee Substitute, committee amendment (1-title), floor amendment (1)
     Mar 19-received in Senate
     Mar 22-to Banking and Insurance (S)
     Mar 26-reported favorably, 1st reading, to Consent Calendar
     Mar 27-2nd reading, to Rules
     Mar 28-posted for passage in the Consent Orders of the Day for Thursday, March 28, 2002; 3rd reading, passed 38-0
     Mar 29-received in House; enrolled, signed by each presiding officer; delivered to Governor
     Apr 5-signed by Governor (Acts ch. 216)

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