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SB32 (BR309) - A. Kerr, J. Carroll, P. Clark, D. Harper Angel, G. Neal, D. Parrett, A. Robinson, R. Thomas
AN ACT relating to deferred deposit transactions.
Amend KRS 286.9-010 to define "annual percentage rate," "consideration," and "interest"; amend KRS 286.9-100, relating to deferred deposit transactions, to delete the service fee of $15 per $100 loan and establish a tiered maximum annual percentage rate of 36 percent; provide that making a deferred deposit transaction in violation of the maximum interest provisions is an unfair, false, misleading and deceptive practice in violation of the Consumer Protection Act and subject to its rights and remedies; prohibit a licensee from engaging in deceptive practices to evade the requirements of Subtitle 9 of KRS Chapter 286; create a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions shall be deemed a forfeiture of the entire interest for the transaction and the person who paid the interest, or his or her legal representative, may recover twice the amount paid in any action against the lender if commenced within two years of the deferred deposit transaction.
Dec 03, 2014 - Prefiled by the sponsor(s).
Jan 06, 2015 - introduced in Senate
Feb 03, 2015 - to State & Local Government (S)