HB 260 (BR 1311) - 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; EFFECTIVE JANUARY 1, 2008.
Feb 6-introduced in House
Feb 12-to Banking & Insurance (H)
Feb 16-posted in committee
Feb 21-reported favorably, 1st reading, to Calendar
Feb 22-2nd reading, to Rules
Feb 23-placed in the Orders of the Day