11RS HB412
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HB412

11RS

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HB 412 (BR 1522) - J. Bell

     AN ACT relating to pre-settlement funding providers and making an appropriation therefor.
     Create new sections of KRS Chapter 367, relating to consumer protection, to regulate the business of pre-settlement funding where funds are provided to a civil litigant and repaid only out of the proceeds of the lawsuit; include provisions that address required contractual disclosures and terms, prohibited activities by funding companies, registration of funding companies with the Attorney General, and enforcement authority within the Attorney General's office.

HB 412 - AMENDMENTS


     HCS - Amend to allow an attorney's expenses to take priority for repayment over the right of the funding provider to seek repayment.
     HFA (1, T. Kerr) - Amend to exempt regulated financial institutions from the bill; limit its coverage to only those civil actions arising from personal injury or property loss.
     HFA (2, J. Hoover) - Amend Section 2 to cap the combination of all fees, interest, premiums, or other charges by the pre-settlement funding provider to the consumer at an annual percentage rate of thirty-six percent (36%) .
     HFA (3, J. Hoover) - Amend Section 2 to cap the combination of all fees, interest, premiums, or other charges by the pre-settlement funding provider to the consumer at an annual percentage rate of thirty-six percent (36%) .
     SFA (1, J. Denton) - Amend Section 2 to cap the combination of all fees, interest, premiums, or other charges by the pre-settlement funding provider to the consumer at an annual percentage rate of 36 percent.

     Feb 9-introduced in House
     Feb 10-to Judiciary (H)
     Feb 14-posted in committee
     Feb 16-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 17-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, February 18, 2011; floor amendments (1) and (2) filed to Committee Substitute, floor amendment (3) filed
     Feb 18-3rd reading; floor amendment (2) defeated ; passed 68-24 with Committee Substitute, floor amendment (1) ; received in Senate
     Feb 23-to Judiciary (S)
     Feb 25-taken from Judiciary (S); 1st reading; returned to Judiciary (S)
     Feb 28-taken from Judiciary (S); 2nd reading; returned to Judiciary (S); floor amendment (1) filed

Vote History
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