Kentucky - HB 166 - AN ACT relating to debt adjusting.
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  • Amend KRS 380.010 to define "debt adjuster," "debtor," "personal information," and "additional interested party," and amend definition of "debt adjusting"; create new sections of KRS Chapter 380 to set forth requirements regarding debt-adjusting contracts, including the requirement that contracts be in writing and signed and dated by the debtor; provide a debtor's right to cancel and set forth provisions relating to cancellation; prohibit the waiver of a debtor's rights; provide for a private right of action for persons entering into debt-adjusting transactions who have suffered loss of money or property, including the right to punitive damages and attorney's fees and costs; require debt adjusters to adhere to stated information security standards; prohibit the sale of debtor's personal information except under permitted circumstances; amend KRS 380.040 to prohibit a debt adjuster from accepting a fee, contribution, or other consideration in advance of complete performance of promised services, to require debt adjuster's to maintain insurance for violations KRS Chapter 380, and to require debt adjusters to maintain a bond or irrevocable letter of credit in the amount of $25,000 in favor of the Attorney General for the benefit of the Commonwealth or any person suffering injury or loss by reason of a violationof KRS Chapter 380; amend KRS 380.990 to allow for imposition of a $5,000 civil penalty for violation of KRS 380.040 and stipulate that violations of KRS Chapter 380 are unfair, false, misleading, or deceptive trade practices, including the ramifications thereof; amend KRS 380.030 to clarify that attorneys admitted to the practice of law in this state by the Kentucky Supreme Court are not to be considered debt adjusters.

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