HB656

Kentucky HB656 regulates deferred deposit transactions, including fees, database operations, and compliance requirements.

Kentucky HB656 amends the Kentucky Revised Statutes to establish regulations for deferred deposit transactions. The commissioner can impose a fee of up to three dollars per average number of days a customer was engaged in a deferred deposit transaction for the previous year. The commissioner may operate the database or contract with a third-party provider to manage it. The database must allow licensees to verify customer transactions and ensure compliance with state and federal laws.