07RS HB260

HB260

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.


HB 260 (BR 1311) - C. Belcher

     AN ACT relating to consumer credit.
     Create a new section of KRS Chapter 367 to require a credit card issuer to include in each billing statement a minimum payment warning; require a statement showing the number of years and the total cost to pay off balances in certain amounts; require a toll-free telephone number to be available to consumers; direct the Office of Financial Institutions to develop a table illustrating the approximate number of months it would take and the approximate total cost to repay an outstanding balance if the consumer makes only the minimum payments based on a significant number of different annual percentage rates and different account balances; restrict the requirements of this section to apply in any billing cycle in which the account agreement does not require a minimum payment of at least ten percent of the outstanding balance; provide that this section does not apply in any billing cycle in which finance charges are not imposed; create a new section of KRS Chapter 371 to require retail installment contracts and retail charge agreements with consumers to be printed in not less than ten-point type and be written in layman's language that is easily readable and understandable by a person of average intelligence and education; EFFECTIVE JANUARY 1, 2008.

     Feb 6-introduced in House
     Feb 12-to Banking & Insurance (H)
     Feb 16-posted in committee
     Feb 21-reported favorably, 1st reading, to Calendar
     Feb 22-2nd reading, to Rules
     Feb 23-placed in the Orders of the Day


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