SB 267 (BR 805) - C. Borders
AN ACT relating to check cashing.
Amend KRS 368.010 to include the word "demand" in the definition of "check", add definition of "postdated check"; amend KRS 368.020 to require a separate license for each location; amend KRS 368.070 to require a licensee to notify the department 5 days prior to change in location or name; create a new section of KRS Chapter 368 to require a licensee to file a written report with the commissioner within 15 days of certain events; amend KRS 368.100 to require that a fee charged for cashing a check be paid at the time the check is cashed, any fee charged to be lesser of 15% of face amount of check or $30; to determine that any fee charged by a licensee for cashing a postdated check is interest subject to KRS Chapter 360; to prohibit licensee from altering or deleting date on any check; to prohibit a licensee from requiring a customer to provide security or a guaranty from another person to complete a transaction; to prohibit a licensee from accepting more than one postdated check from any one customer at any time with a face value greater than $250; to require a licensee to obtain certain information in writing from any person seeking to present a postdated check; to prohibit a licensee from using any device or agreement to obtain greater fees than authorized; amend KRS 368.110 to allow the commissioner to revoke or suspend all licensees issued to a licensee under certain conditions; create a new section of KRS Chapter 368 to grant authority and certain powers to the commissioner to investigate complaints made against a licensee and; create new section of KRS Chapter 368 to require each licensee to file an annual report with the commissioner containing certain information; amend KRS 368.040 to conform.
Feb 4-introduced in Senate
Feb 5-to Banking and Insurance (S)