12
Sep

Payday Loan, Deferred Deposit and Check Cashing Laws Kentucky

Kentucky Check casher laws change

The laws governing check cashing in Kentucky have changed.

Some pro-visions of House Bill 444 took effect June 25. However, most of the provisions take effect Jan. 1, 2010, as specified in the bill. Changes include legal definitions, rules for licensing, enforcement and company requirements.

The 10-year moratorium on new check cashers began July 1. At this time, Kentucky has around 750 check cashers. While new licenses may not be issued, current licenses are transfer-able or assignable, subject to approval by DFI.

DFI is procuring a database that will be operational by July 1, 2010. With real-time access through an Internet connection, check cashers will be able to verify a customer’s eligibility to make a deferred deposit transaction. The Finance and Administration Cabinet will select a vendor to build the database after soliciting proposals. The request for proposal (RFP) may be accessed at http://eprocurement.ky.gov/.
For more information on the changes brought by HB 444, visit www.kfi.ky.gov/nondepository/hb444.htm.

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Comments ( 3 )
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