Bill
Bill > SB87
KY SB87
KY SB87AN ACT relating to the provision of financial services and products by credit unions.
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
Amend KRS 66.480 to allow local government and school district investments in United States obligations by a repurchase agreement with a credit union and in interest-bearing accounts issued through a credit union; amend KRS 41.010 to redefine "bank" and "state depository" to include credit unions; amend KRS 41.070 to prohibit receipts from being held, used, or deposited in a personal or special credit union account; amend KRS 41.220 to allow credit unions to be designated as state depositories; amend KRS 41.240, 41.250, 41.300, 30A.120, and 30A.200 to conform.
AI Summary
This bill expands the types of financial institutions where local governments and school districts can invest their funds, specifically allowing them to use credit unions for repurchase agreements and interest-bearing accounts, and also redefines "bank" and "state depository" to include credit unions. It also clarifies that receipts from state money should not be held in personal or special credit union accounts, and allows credit unions to be designated as state depositories, meaning they can hold state funds. The bill makes conforming changes across several existing laws to reflect these inclusions of credit unions in financial services and investment regulations.
Sponsors (1)
Last Action
to Committee on Committees (S) (on 01/14/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/26RS/sb87.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/26RS/sb87/orig_bill.pdf |
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