HB 680
AN ACT relating to commercial financing.
In Plain Language
This bill creates new rules for commercial financing companies in Kentucky, requiring them to register with the state and follow specific standards when offering loans or financing to businesses. It establishes disclosure requirements so businesses know the terms of their financing deals and sets up penalties for companies that break the rules. The new rules take effect January 1, 2026.
Official summary
Establish Subtitle 13 of KRS Chapter 286, and create new sections thereof, to define terms; establish exemptions; require certain commercial financing providers to register with the commissioner of the Department of Financial Institutions to engage in business; establish commercial financing trade practice standards and disclosure requirements for commercial financing transactions; establish penalties and exclusive enforcement by the financial institutions commissioner; provide that Subtitle 13 of KRS Chapter 286 may be cited as the Kentucky Commercial Financing Disclosure Law; direct that the provisions apply to contracts entered on or after January 1, 2026; EFFECTIVE January 1, 2026.
Sponsor
—
Cosponsors
None listed
Latest action
to Banking & Insurance (H)
Feb 26, 2025
Official source
Action history
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