On Mar. 22, KNS LEG passed bill on Uniform consumer credit code.
KNS LEG passed Bill HB 2247 to amend Uniform consumer credit code (Code) and to transfer mortgage provisions from the Code to the KNS mortgage business act.
Bill modifies consumer loan finance charges, repayment terms, record requirements.
Also credit card surcharge, and increases the threshold for consumer loans and leases.
Modifies origination fees for non-real estate transactions, clarifies license requirements to make supervised loans and exempts supervised loan license form filing notifications.
Legislative History
On Mar. 16, 2023, bill introduced in House; on Mar. 16, 2024, bill was passed in House,
On Mar. 20, 2024, bill introduced in Senate; on Feb. 22, 2024, bill passed in Senate.
On Mar. 22, 2024, bill was enrolled and sent to governor, pending signature or veto.
Effectiveness
Act is effective from and after Jan. 1, 2025, and its publication in the statute book.
Mar. 29, 2024 KNS LEG Approval
On Mar. 29, 2024, KNS LEG governor approved bill, becomes effective Jan. 1, 2025.
