Kentucky SB219 establishes a database for deferred deposit transactions, detailing requirements for service providers and the commissioner.

Kentucky SB219 amends the Kentucky Revised Statutes to create a common database for deferred deposit transactions. The database must be accessible to the department and deferred deposit service business licensees. The commissioner can either operate the database or contract with a third-party provider. The commissioner must consider cost and ability to meet requirements when selecting a provider. The database must allow licensees to verify customer transactions and provide necessary information. The commissioner can impose a fee of up to three dollars per transaction.

Kentucky SB219 establishes a database for deferred deposit transactions, detailing requirements for service providers and the commissioner.

Kentucky SB219 amends the Kentucky Revised Statutes to create a common database for deferred deposit transactions. The database must be accessible to the department and deferred deposit service business licensees. The commissioner can either operate the database or contract with a third-party provider. The commissioner must consider cost and ability to meet requirements when selecting a provider. The database must allow licensees to verify customer transactions and provide necessary information. The commissioner can impose a fee of up to three dollars per transaction.