08RS SB89
LRC Seal

SB89

08RS

WWW Version

The hyperlink to a bill draft that precedes a summary contains the most recent version (Introduced/GA/Enacted) of the bill. If the session has ended, the hyperlink contains the latest version of the bill at the time of sine die adjournment. Note that the summary pertains to the bill as introduced, which is often different from the most recent version.

Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.


SB 89 (BR 1319) - T. Buford

     AN ACT relating to financial services.
     Amend KRS 286.2-670 and 286.2-680 to change "lending institution" to "financial institution"; create a new section of Subtitle 2 of KRS Chapter 286 to restrict the use of the terms "bank," "banker", "banking", or similar words in a designation or name or as any part of a designation or name under which business is or may be conducted in this state; restrict a person or entity representing itself as a fiduciary or trust company or using the word "trust" or similar words in a designation or a name or as any part of a designation or name under which business is or may be conducted in this state; amend KRS 286.3-100 to permit a bank to hold and acquire real estate conveyed in satisfaction of debts, or that it may purchase under a judgment in its favor, for such period of time as is deemed reasonable by the bank under the circumstances of the real estate market rather than for a period not longer than 10 years; permit a write down of such real estate acquisition at no less than 5%, rather than at 10%, per year; amend KRS 286.6-055 to delete requirement that the maintenance of service facilities of credit unions be reasonably necessary to furnish service to members; establish requirements for application for establishment and maintenance of a credit union service facility; create a new section of Subtitle 2 of KRS Chapter 286 to establish rate at which a financial institution must automatically renew a certificate of deposit; repeal KRS 367.393 which establishes rates at renewal for certificate deposits that are subject to automatic renewal at maturity.

     Jan 16-introduced in Senate
     Jan 18-to Banking & Insurance (S)


Legislature Home Page | Record Front Page