Bill > SB219

This bill amends existing law to require the commissioner of the Department of Financial Institutions to impose a $3 fee per deferred deposit transaction, which is a short-term loan often referred to as a "payday loan," for data that businesses offering these loans must submit to a central database. This database is used to track outstanding loans and ensure compliance with regulations, and the fee, which can be passed on to the customer, will help fund its operation. The bill also specifies that these changes will apply to all deferred deposit transactions made on or after the date the Act becomes effective.

https://apps.legislature.ky.gov/record/26RS/sb219.html