HB 288
AN ACT relating to interest on medical debt.
In Plain Language
This bill caps interest rates on medical debt at 3 percent and does the same for court judgments related to medical debt collection. It also increases penalties for charging more than that allowed interest rate. The changes apply to Kentucky law on lending and debt collection.
Official summary
Create a new section of KRS Chapter 360 to establish a maximum interest rate of three percent on medical debt; amend KRS 360.020 to expand the civil penalty for excessive interest on medical debt; amend KRS 360.040 to establish a maximum interest rate of three percent on judgments rendered in an action to collect medical debt; make technical amendments; amend KRS 216B.250 to conform.
Sponsor
—
Cosponsors
None listed
Latest action
to Banking & Insurance (H)
Feb 7, 2025
Official source
Action history
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