Introduced February 20, 2026
SB219
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Amend KRS 286.9-140 to require the commissioner of the Department of Financial Institutions to impose a $3 fee per deferred deposit transaction for data required to be submitted by a deferred deposit service business licensee; direct that the Act applies to deferred deposit transactions entered or or after the effective date of the Act.
In effect since July 15, 2026
Acts from the 2026 Regular Session that don't carry an emergency clause or set their own effective date took effect 90 days after the session adjourned (Ky. Constitution § 55).
Plain-language summary
This bill adds a $3 fee to each deferred deposit transaction, which includes short-term loans like payday loans. The fee is collected by the Department of Financial Institutions from licensed businesses that offer these services. The change applies to transactions made on or after the date the law takes effect. Who it may affect: Kentuckians who use payday or short-term deferred deposit loans, and the businesses that provide those services.
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Legislative History
Primary Sponsor
Jason Howell
Senator · Senate District 01
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