AN ACT relating to financial transactions. Establish Subtitle 12 of KRS Chapter 286 and create new sections of that subtitle relating to credit; define terms; require a license to make fair credit loans; require locations to be physically located in Kentucky with at least one full-time employee; establish qualifications of an applicant for a license to offer fair credit loans; require the commissioner of the Department of Financial Institutions to periodically review a licensee's compliance with licensure qualifications; establish form requirements for an application to offer fair credit loans and a $500 filing fee; provide commissioner with discretion to establish a nonrefundable supervision fee in lieu of other fees; require that licensees maintain an agent in Kentucky for service of process and notify the commissioner in writing at least five days prior to any change in the status of an agent; establish the filing fee for a license and establish requirements for additional materials to accompany the application, including a surety bond or irrevocable letter of credit of $25,000 per location not to exceed $200,000 for a single licensee; allow the commissioner to require background checks at the expense of the applicant; require the commissioner to investigate completed applications for compliance and issue licenses if requirements have been satisfied; require licenses to be conspicuously posted; provide for annual expiration and renewals of licenses upon showing of continued compliance; establish due process procedures for the denial of a license; establish license renewal fee of $500; provide commissioner with discretion to establish a biennial license; prohibit transfer or assignment of a license, and set out requirements for a change of a control of a licensee; require five days' notice to the commissioner of a change in principal place of business, location, or name of a licensee; allow for the collection of certain interest, fees, and charges on a fair credit

This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.

KY HB 447 · House Bill · 2017RS