SB89 - Kentucky: Banks and Financial Institutions, Interest and Usury

Amend KRS 286.2-670 and 286.2-680 to change "lending institution" to "financial institution"; create a new section of Subtitle 2 of KRS Chapter 286 to restrict the use of the terms "bank," "banker", "banking", or similar words in a designation or name or as any part of a designation or name under which business is or may be conducted in this state; restrict a person or entity representing itself as a fiduciary or trust company or using the word "trust" or similar words in a designation or a name or as any part of a designation or name under which business is or may be conducted in this state; amend KRS 286.3-100 to permit a bank to hold and acquire real estate conveyed in satisfaction of debts, or that it may purchase under a judgment in its favor, for such period of time as is deemed reasonable by the bank under the circumstances of the real estate market rather than for a period not longer than 10 years; permit a write down of such real estate acquisition at no less than 5%, rather than [...]

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