On Apr. 4, KNY LEG passed bill on deferred deposit transactions.
KNY LEG passed bill HB 495 relating to deferred deposit transactions to modify the fee and requirements for entering into a deferred deposit database transaction.
Commissioner shall impose fee not to exceed $3 per transaction for data required to be submitted by deferred deposit service business licensee, may be charged to customer.
A customer may enter into an agreement in person at the licensed location or if the customer is a citizen of this State, by telephone or other electronic means.
Deferred deposit service business licensee shall accurately and promptly submit data into the database as may be required before entering into deferred deposit transaction.
Legislative History
On Feb. 8, 2024, bill introduced in House; on Feb. 20, 2024, bill passed in House.
On Feb. 21, 2024, bill introduced in Senate; on Mar. 27, 2024, bill passed in Senate.
On Mar. 27, 2024, bill delivered to governor; on Apr. 4, 2024, bill signed by governor.
Effectiveness
Most bills, whether signed by the Governor or passed by override, go into effect on Jan. 1 of the next year; urgent measures take effect immediately upon being signed.
