HB 680

Bill Subjects

Administrative Regulations And Proceedings Banks And Financial Institutions Commerce Effective Dates, Delayed Loans And Credit Short Titles And Popular Names State Agencies Trade Practices And Retailing

Abstract

Establish Subtitle 13 of KRS Chapter 286, and create new sections thereof, to define terms; establish exemptions; require certain commercial financing providers to register with the commissioner of the Department of Financial Institutions to engage in business; establish commercial financing trade practice standards and disclosure requirements for commercial financing transactions; establish penalties and exclusive enforcement by the financial institutions commissioner; provide that Subtitle 13 of KRS Chapter 286 may be cited as the Kentucky Commercial Financing Disclosure Law; direct that the provisions apply to contracts entered on or after January 1, 2026; EFFECTIVE January 1, 2026.