Summary of Original Version

Amend KRS 286.9-140 to require the commissioner of the Department of Financial Institutions to impose a $3 fee per deferred deposit transaction for data required to be submitted by a deferred deposit service business licensee; direct that the Act applies to deferred deposit transactions entered or or after the effective date of the Act.

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions, except amend KRS 286.9-100 to increase the maximum amount of total proceeds that may be received by a customer for all open deferred deposit transactions to $600; require the commissioner of the Department of Financial Institutions to annually adjust the maximum amount of total proceeds; prohibit an adjustment that results in the maximum amount of total proceeds exceeding $850; create a new section of KRS Chapter 425 to establish minimum information to be included in an order of attachment or garnishment of earnings on a judgment-debtor employee; permit sensitive identifying information to be included as a separate addendum.

Summary of Amendment: House Committee Amendment 1 -- M. Pollock

Summary Make title amendment.

Summary of Amendment: House Floor Amendment 1 -- M. Lockett

Summary Establish that a licensee may accept, collect, or seek payment on closed deferred deposit transactions if the transaction remains unpaid due to a returned or dishonored payment instrument under certain conditions; establish that any provision of an administrative regulation in conflict with Section 1 or 2 of the Act are null, void, and unenforceable; require the Department of Financial Institutions and any other administrative body to amend, as necessary, any administrative regulation that conflicts with Section 1 or 2 of the Act.