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Amend KRS 286.7-460 to require revolving credit plans offered by industrial loan companies to be in an amount larger than $7,500; increase from $15 to $25 the bad check charge and from $20 to $25 the over-the-limit fee charged by industrial loan companies in connection with revolving credit plans; amend KRS 286.4-533 to permit an industrial loan company in any extension of credit to charge a bad check charge of $25 rather than $15, a credit investigations charge of $1.50 rather than $1 for each $50 of the principal amount of the loan, an alternative to the default charge in KRS 286.4-530(4) of $15 rather than $10, and costs or other expenses in accordance with KRS Chapter 355; amend KRS 286.4-590 to delete the requirement that certain information be included in the annual report filed with the Office of Financial Institutions.
Latest Actions
  • 04/14/2008 - Signed by Governor (Acts Ch. 93)
  • 04/02/2008 - Received in House; to Rules (H); taken from Rules; posted for passage for concurrence in Senate floor amendment (2) ; House concurred in Senate floor amendment (2) ; passed 94-0; enrolled, signed by each presiding officer; delivered to Governor
  • 04/01/2008 - 3rd reading; floor amendment (1) withdrawn ; passed 36-0 with floor amendment (2)
  • 03/28/2008 - Passed over and retained in the Orders of the Day
  • 03/27/2008 - Passed over and retained in the Orders of the Day

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Bill Text
File name Last Updated
HB47102/15/2008