KY HB452 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 20 2019 - 25% progression
Action: 2019-02-21 - to Banking & Insurance (H)
Pending: House Banking and Insurance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Create a new section of KRS Chapter 367 to establish definitions for "bank," "check," "payable on demand," and "presentment"; require banks to cash, free of charge, any check payable at the bank or drawn on an account held at the bank by the end of the day on which the check is presented to the bank; establish conditions for meeting requirements of section; establish penalties for violating section; establish when a bank may refuse payment on a check; permit a bank to cash a check that is not payable at the bank or drawn on an account held at the bank if the bank does not charge a fee in excess of $4; create a new section of Subtitle 2 of Chapter 286 to require compliance with Act by every person regulated under Chapter 286; require commissioner of the Department of Financial Institutions to exercise powers to enforce compliance with Act; amend KRS 286.9-100 to cap check cashing service fee at $4; amend KRS 355.3-102 and 355.4-102 to conform with requirements of Act.

Tracking Information

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Title

AN ACT relating to check cashing.

Sponsors


History

DateChamberAction
2019-02-21Houseto Banking & Insurance (H)
2019-02-20Houseintroduced in House

Subjects


Kentucky State Sources


Bill Comments

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