Summary of Original Version

Amend various sections of Subtitles 1, 2, and 3 of KRS Chapter 286, the financial services code, to consolidate statutes; make technical corrections; make numerous revisions to the required banking experience of the financial institutions commissioner; the Financial Institutions Board; prohibited practices of financial institution examiners; application of chapter to national bank or federal savings association operating subsidiaries; examination of safe deposit boxes; transaction of business by foreign financial institutions; banking definitions; the transaction of banking or trust business in this state; state bank and trust company charter requirements; national bank parity authorizations; state bank investment powers; amend KRS 286.3-095 to require reporting for changes in control of bank holding companies that own a state bank; amend KRS 286.3-145 to modify the requirements for state trust companies doing business outside of Kentucky; amend KRS 286.3-146 to modify the requirements for out-of-state trust companies to do business in Kentucky; amend KRS 286.3-690 to permit the commissioner to remove a bank employee from office; amend various Subtitle 3 of KRS Chapter 286 relating to the definition of a receivership court for an insolvent bank; national bank to state bank conversions; state bank branching powers; bank holidays; pledges of bank assets; bank dividends, bank acquisitions, bank concentration limits; interstate merger transactions; out-of-state bank powers; and banking code penalties; create new sections of Subtitles 2 and 3 of KRS Chapter 286 to establish rules of application and interpretation, and establish regulatory authority of the commissioner; amend various sections to conform; repeal various sections within Subtitles 1, 2, and 3 of KRS Chapter 286 relating to financial institution commissioner appointments, improperly influencing real estate appraisals, financial institution definitions, foreign financial institutions, banking business powers; bank officers and directors; capital requirements for banks and trust companies; bank branch requirements; installment loans, educational loans to minors, and revolving credit plans; repeal Subtitle 5 of KRS Chapter 286, relating to the chartering and regulation of state savings and loan associations, except provision relating to transacting of business by out-of-state savings and loan associations; repeal Subtitles 7 and 10 of KRS Chapter 286, relating to the licensing and regulation of industrial loan corporations and title pledge lending; repeal KRS 365.205, relating to printing requirements for personal checks; provide for the initial and staggered appointments to the Financial Institutions Board.

Summary of Amendment: Senate Committee Substitute 1

Summary Retain original provisions; amend KRS 286.8-034 to modify application fees and annual assessment fees for mortgage loan companies and mortgage loan brokers.

Statutes affected:
Introduced: 367.380, 395.005
Acts Chapter 152: 367.380, 395.005
Senate Committee Substitute 1: 367.380, 395.005
Current/Final: 367.380, 395.005
Current: 367.380, 395.005