LRC Seal



WWW Version

The hyperlink to a bill draft that precedes a summary contains the most recent version (Introduced/GA/Enacted) of the bill. If the session has ended, the hyperlink contains the latest version of the bill at the time of sine die adjournment. Note that the summary pertains to the bill as introduced, which is often different from the most recent version.

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.

SB 117 (BR 1192) - T. Buford

     AN ACT relating to financial services.
     Amend KRS 286.2-685 to prohibit the use of banking-related terms or characters in the name, stationery, or advertising of any entity that is not authorized to conduct banking activities in this state; create a new section of Subtitle 3 of KRS Chapter 286 to require applications for a bank or trust company charter to be approved by the executive director and stipulate requirements for approval of a charter and actions to be taken before an institution may commence business under the charter; create a new section of Subtitle 3 of KRS Chapter 286 to prohibit an institution from transacting any business, other than business that is incidental to its organization, prior to being granted a charter; amend KRS 286.3-030 to permit, upon written request and approval by the executive director, the use of different name at branch offices in this state; amend KRS 286.3-040 to specify that persons means 5 or more natural persons who may organize a bank or trust company; amend KRS 286.3-050 to delete specific investigatory requirements of the executive director prior to the filing of articles of incorporation of a bank or trust company; amend KRS 286.3-060 to modify directors' oaths of office; amend KRS 286.3-070 to change the minimum capital stock of a bank or trust company from $2,500,000 to $5,000,000; amend KRS 286.3-090 to disallow the executive director from reducing the amount of capital stock below $2,500,000; amend KRS 286.3-100 to prohibit a bank from holding for more than 1 year, unless otherwise approved by the executive director, any assets taken as security for debts previously contracted in the ordinary course of business; amend KRS 286.3-102 to update reference to CAMELS rating rather than CAMEL rating; amend KRS 286.3-172 to delete requirement for plans of conversion or merger to be filed with the clerk of the county in which the principal office of the bank is located; amend KRS 286.3-180 to allow a bank to acquire, rather than just establish, a branch office and to specify that consolidation of 2 or more branch offices in the same neighborhood shall not be considered a branch closure; amend KRS 286.3-185 to provide that the relocation of a branch within the same neighborhood shall not be considered a branch closure; amend KRS 286.3-280 to require, when computing the total capital stock and surplus, the negative balance of a bank's undivided profits account to be deducted; amend KRS 286.3-290 to create an additional exception to the maximum debt that may be owed to a bank to except from the total amount of the debt deposit secured loans; amend KRS 286.3-630 to require notice to be provided to all stockholders when a bank is required to transfer assets and liabilities; amend KRS 286.3-915 to delete requirements pertaining to the board of directors of a combined bank; amend KRS 387.111 to limit the compensation of guardians, limited guardians, and conservators; amend KRS 387.760 to limit compensation to guardians, limited guardians, limited conservators, and conservators to a commission of 6% of the income collected by the fiduciary, an annual commission of 0.3% of the fair market value of the real and personal property in the care of the fiduciary, or an annual commission of not more than 6% of the fair market value of the principal distributed by the fiduciary, except the court may allow the fiduciary additional compensation as is fair and reasonable if proof is submitted that additional services which are unusual or extraordinary and not normally incidental to the management of a similar estate have been performed; amend KRS 286.4-533 to allow creditors to charge for expenses incurred for UCC filings; repeal KRS 286.3-420 regarding publication of financial statements.

     Jan 28-introduced in Senate
     Feb 2-to Banking & Insurance (S)
     Feb 9-reported favorably, 1st reading, to Consent Calendar
     Feb 10-2nd reading, to Rules
     Feb 16-posted for passage in the Regular Orders of the Day for Wednesday, February 17, 2010
     Feb 17-passed over and retained in the Orders of the Day
     Feb 18-3rd reading, passed 38-0
     Feb 19-received in House
     Feb 22-to Banking & Insurance (H)
     Feb 26-posted in committee
     Mar 3-reported favorably, 1st reading, to Calendar
     Mar 4-2nd reading, to Rules
     Mar 5-posted for passage in the Regular Orders of the Day for Monday, March 8, 2010
     Mar 18-3rd reading, passed 98-0; received in Senate
     Mar 19-enrolled, signed by President of the Senate
     Mar 22-enrolled, signed by Speaker of the House; delivered to Governor
     Mar 25-signed by Governor (Acts ch. 28)

Vote History
Legislature Home Page | Record Front Page