00RS HB384


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HB 384 (BR 860) - B. Buckingham

     AN ACT relating to credit cards.
     Create new sections of KRS Chapter 164 to require a credit card issuer to register with the university before soliciting students on campus; to require the registration to include an agreement that the credit card issuer will not provide an application to a student unless the student has signed a credit card education information sheet designed by the Council on Postsecondary Education; to prohibit the offer of gifts or any other promotional incentives on campus to students to entice students to apply for credit cards; to prohibit the credit card issuer from providing an application unless the student has signed a credit card education information sheet; to require an institution to include a credit seminar within its freshman orientation if the institution permits solicitation on campus; to prohibit any debt collection action by a credit card issuer against the parent or legal guardian of the student unless the parent or guardian has agreed in writing to be liable for credit card debts of the student; to direct that a credit card issuer be fined not less than $500 but not more than $1,000 for each violation.


     HCA (1, B. Buckingham) - Make technical change.
     HFA (1, S. Riggs) - Provide that a credit card issuer may offer lower interest rates to students on campus in connection with credit card solicitations.
     HFA (2, B. Buckingham) - Clarify the definition of credit card solicitation; prohibit application of this Act to a contract entered into prior to the effective date of the Act.

     Jan 18-introduced in House
     Jan 19-to Banking and Insurance (H)
     Feb 2-posted in committee; posting waived
     Feb 3-reported favorably, 1st reading, to Calendar with committee amendment (1)
     Feb 4-2nd reading, to Rules
     Feb 7-posted for passage in the Regular Orders of the Day for Tuesday, February 8, 2000
     Feb 9-floor amendment (1) filed
     Feb 15-floor amendment (2) filed
     Feb 16-3rd reading, passed 92-3 with committee amendment (1), floor amendments (1) and (2)
     Feb 17-received in Senate
     Feb 22-to Banking and Insurance (S)
     Mar 24-reported favorably, 1st reading, to Consent Calendar
     Mar 27-2nd reading, to Rules

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