HB 529 (BR 985) - C. Belcher
AN ACT relating to consumer credit.
Create a new section of KRS Chapter 367 to require a credit card issuer to include in each billing statement a minimum payment warning; require a statement showing the number of years and the total cost to pay off balances in certain amounts; require a toll-free telephone number to be available to consumers; direct the Office of Financial Institutions to develop a table illustrating the approximate number of months it would take and the approximate total cost to repay an outstanding balance if the consumer makes only the minimum payments based on a significant number of different annual percentage rates and different account balances; restrict the requirements of this section to apply in any billing cycle in which the account agreement does not require a minimum payment of at least ten percent of the outstanding balance; provide that this section does not apply in any billing cycle in which finance charges are not imposed; create a new section of KRS Chapter 371 to require retail installment contracts and retail charge agreements with consumers to be printed in not less than ten-point type and be written in layman's language that is easily readable and understandable by a person of average intelligence and education.
HB 529 - AMENDMENTS
HFA (1, C. Belcher) - Make Act effective January 1, 2007.
Feb 7-introduced in House
Feb 8-to Banking and Insurance (H)
Feb 14-posting waived
Mar 1-reported favorably, 1st reading, to Calendar
Mar 2-2nd reading, to Rules
Mar 6-posted for passage in the Regular Orders of the Day for Tuesday, March 7, 2006
Mar 8-floor amendment (1) filed
Mar 21-taken from the Regular Orders of the Day; recommitted to Appropriations and Revenue (H)