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KentuckySB 1452025 Regular SessionSenateWALLET

AN ACT relating to retail installment contracts.

Sponsored By: David P. Givens (Republican)

Signed by Governor

Loans and CreditSalesTrade Practices and RetailingConsumer AffairsContracts

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 1 costs, 0 mixed.

Late-fee rules change for installment buyers

Kentucky allows optional late fees on covered installment payments, capped at 5% of the payment or $15, whichever is greater. For vehicle contracts under KRS 190.100, fees can start when payments are 3 days late for payment periods under 28 days. For payment periods of 28 days or longer, payments must be at least 10 days late. This replaces the former $10 option with $15. Under KRS 371.270, the contract must allow the fee, and payments must be more than 10 days late. The law also removes that statute’s former $1 minimum charge or interest-after-maturity option.

Sponsors & Cosponsors

Sponsor

  • David P. Givens

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 113 • No: 6

House vote • 3/14/2025

3rd reading, passed

Yes: 79 • No: 6

Senate vote • 2/27/2025

3rd reading, passed

Yes: 34 • No: 0

Actions Timeline

  1. signed by Governor (Acts Ch. 55)

    3/24/2025

  2. delivered to Governor

    3/14/2025

  3. enrolled, signed by Speaker of the House

    3/14/2025Senate

  4. enrolled, signed by President of the Senate

    3/14/2025Senate

  5. received in Senate

    3/14/2025Senate

  6. 3rd reading, passed 79-6

    3/14/2025House

  7. placed in the Orders of the Day

    3/14/2025House

  8. taken from Rules

    3/14/2025House

  9. 2nd reading, to Rules

    3/13/2025House

  10. reported favorably, 1st reading, to Calendar

    3/12/2025House

  11. to Banking & Insurance (H)

    3/7/2025House

  12. to Committee on Committees (H)

    2/28/2025House

  13. received in House

    2/28/2025House

  14. 3rd reading, passed 34-0 with Committee Substitute (1)

    2/27/2025Senate

  15. posted for passage in the Regular Orders of the Day for Thursday, February 27, 2025

    2/26/2025Senate

  16. 2nd reading, to Rules

    2/26/2025Senate

  17. reported favorably, 1st reading, to Calendar with Committee Substitute (1)

    2/25/2025Senate

  18. reassigned to Banking & Insurance (S)

    2/19/2025Senate

  19. taken from Transportation (S)

    2/19/2025Senate

  20. to Transportation (S)

    2/14/2025Senate

  21. to Committee on Committees (S)

    2/12/2025Senate

  22. introduced in Senate

    2/12/2025Senate

Bill Text

  • Current

    2/27/2025

    PDF

  • Introduced

    1/3/2025

    PDF

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