SB 89 (BR 1319) - T. Buford
AN ACT relating to financial services.
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 at 10%, per year; amend KRS 286.6-055 to delete requirement that the maintenance of service facilities of credit unions be reasonably necessary to furnish service to members; establish requirements for application for establishment and maintenance of a credit union service facility; create a new section of Subtitle 2 of KRS Chapter 286 to establish rate at which a financial institution must automatically renew a certificate of deposit; repeal KRS 367.393 which establishes rates at renewal for certificate deposits that are subject to automatic renewal at maturity.
Jan 16-introduced in Senate
Jan 18-to Banking & Insurance (S)