Top Law and Government Legislation regarding 'Loans and Credit' in Kentucky

Create a new section of KRS Chapter 367 to declare that it is unlawful for any credit card issuer to mail or otherwise deliver a credit card application if the person has previously notified the issuer by certified or registered mail that he or she does not wish to receive credit card applications from that issuer; provide that this section does not apply to a credit card application or solicitation when mailed or otherwise delivered in response to a request for a credit card; provide that if such application is mailed to such a person and a third party, by theft or other means, obtains the mailed document and with intent to deceive, defraud, or injure another falsely completes the application or solicitation document and is issued a credit card in the name of another person, the issuer shall be liable to the person whose name appears on the card for any damages and expenses which the person incurs due to use of such card; prohibit an issuer who received notification not to send applications [...]

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Create new sections of Subtitle 9 of KRS Chapter 286 to require the Executive Director of the Office of Financial Institutions to develop a database of deferred deposit transactions and to promulgate regulations specifying the information required of licensees; to require the office to file an annual report regarding deferred deposit transaction licensees' activities with the Legislative Research Commission; amend KRS 286.9-100 to reduce the service fee for a transaction charged by a licensee from $15 to $12 for a period of 30 days, rather than 14 days; provide that a licensee shall access the database, required by this Act, to ascertain if a customer has outstanding deferred deposit transactions with other licensees that would result in a debt in excess of $500; prohibit refinancing of a deferred deposit transaction and prohibit pay off of a deferred deposit transaction and immediate entry into a new transaction within 72 hours; and provide that failure of any deferred deposit transaction [...]

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Create a new section of KRS Chapter 198A to establish the Kentucky Homeownership Protection Center; specify the purpose of the center is, among other things, to provide a centralized location for information on, and referral to, public services available to assist a homeowner who is in default on his or her loan; require the center to provide a toll-free telephone number through which a homeowner in financial distress can receive information on the center and its services, a list of counseling agencies, a list of available community resources, staff who can provide a brief assessment of the situation of the homeowner, and applications for public assistance or benefits programs; create new sections of Subtitle 2 of KRS Chapter 286 to require a mortgagee, at the time of closing, to provide to the homeowner a plain language statement which includes a counseling statement, a listing of at least five housing counseling agencies, a list of toll-free telephone numbers for certain programs, contact [...]

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Create a new section of KRS Chapter 198A to permit the Kentucky Homeownership Protection Center to be established by or through the Kentucky Housing Corporation; declare the purpose of the center to be providing a centralized location for information on public services to assist a homeowner who is in default or in danger of default on a home loan; create a new section of Subtitle 2 of KRS Chapter 286 to require the mortgagee to provide to the homeowner at the time of closing any brochure, pamphlet, or brief document prepared or approved by the Kentucky Housing Corporation that describes services provided by the center; create a new section of Subtitle 2 of KRS Chapter 286 to declare it is unlawful for a person in the course of a mortgage transaction to improperly influence the development, report, result, or review of a real estate appraisal in connection with a mortgage loan; amend KRS 286.8-010 to define terms; amend KRS 286.8-020 to clarify who is subject to the subtitle; establish procedure [...]

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Create new sections of Subtitle 2 of KRS Chapter 286 to provide that, with regard to residential mortgage loans in a principal loan amount of under $200,000 and a loss ratio of greater than 80 percent, it shall be unlawful not to verify and document the borrower's income and financial resources and not to verify the borrower's reasonable ability to repay; require an escrow account for taxes and insurance on these loans; specify the method to determine reasonable ability to repay for loans with a variable interest rate; establish criteria which, if met, the borrower shall be presumed to have a reasonable ability to repay; declare it is unlawful to make a residential mortgage loan product that has a higher interest rate, higher points and fees, or other unfavorable terms if the borrower's credit score indicates the borrower may qualify for a residential mortgage loan product that has a lower interest rate, lower points and fees, or more favorable terms, unless there is a corresponding tangible [...]

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Create a new section of KRS Chapter 198A to permit the Kentucky Homeownership Protection Center to be established by or through the Kentucky Housing Corporation; declare the purpose of the center to be providing a centralized location for information on public services to assist a homeowner who is in default or in danger of default on a home loan; create a new section of Subtitle 2 of KRS Chapter 286 to require the mortgagee to provide to the homeowner at the time of closing any brochure, pamphlet, or brief document prepared or approved by the Kentucky Housing Corporation that describes services provided by the center; create a new section of Subtitle 2 of KRS Chapter 286 to declare it is unlawful for a person in the course of a mortgage transaction to improperly influence the development, report, result, or review of a real estate appraisal in connection with a mortgage loan; amend KRS 286.8-010 to define terms; amend KRS 286.8-020 to clarify who is subject to the subtitle; establish procedure [...]

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Create new sections of Subtitle 9 of KRS Chapter 286 to require the Executive Director of the Office of Financial Institutions to develop a database of deferred deposit transactions and to promulgate regulations specifying the information required of licensees; to require the office to file an annual report regarding deferred deposit transaction licensees' activities with the Legislative Research Commission; amend KRS 286.9-100 to reduce the service fee for a transaction charged by a licensee from $15 to $12 for a period of 30 days, rather than 14 days; provide that a licensee shall access the database, required by this Act, to ascertain if a customer has outstanding deferred deposit transactions with other licensees that would result in a debt in excess of $500; prohibit refinancing of a deferred deposit transaction and prohibit pay off of a deferred deposit transaction and immediate entry into a new transaction within 72 hours; and provide that failure of any deferred deposit transaction [...]

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