SB 148 KY

0likes☆Favorite🔕SubscribeShare

Introduced

Establish Subtitle 13 of KRS Chapter 286 and create sections thereof to define terms; provide exemptions to the new subtitle on nonrecourse consumer legal funding; prohibit engaging in the business of nonrecourse consumer legal funding transactions without a license; establish licensing requirements; provide that nonrecourse consumer legal funding transactions are not loans and exempt them from statute relating to interest; establish requirements for nonrecourse consumer legal funding transaction contracts; prohibit certain actions by nonrecourse consumer legal funding companies; direct that transactions made in compliance with the new subtitle on nonrecourse consumer legal funding are not champerty; establish penalties; direct that the new subtitle on nonrecourse consumer legal funding shall not restrict the powers or duties of the Attorney General; create a new section of KRS Chapter 365 to establish disclosure requirements; establish attorney communications and responsibilities; and direct that a nonrecourse consumer legal funding transactions is inadmissible as evidence; amend KRS 286.4-410, 360.010, and 372.060 to conform.

• P. Wheeler Republican · primary
• J. Turner · primary

1. Jan 30, 2024 introduced in Senate · upper
2. Jan 30, 2024 to Committee on Committees (S) · upper
3. Feb 1, 2024 to Banking & Insurance (S) · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced · PDF