REMINDER: New Kentucky laws passed during the 2016 regular legislative session will take effect Friday, July 15, 2016 (except for general appropriation measures and those laws containing emergency or delayed effective date provisions). New Real Property Deed Requirement Starts …
KYLTA, KBA and Fayette County Clerk Request Opinion on HB 422 – KRS 382.135
Since the passage of House Bill 422 ("HB 422") in the 2016 General Assembly, the Fayette County Clerk, members of the Kentucky Banker's Association (KBA) and members of the Kentucky Land Title Association (KYLTA) have received numerous inquiries from lenders, practitioners, and …
The Professional Service Corporation and “Qualified Persons”
When extending credit to a Professional Service Corporation (herein, “PSC”) in Kentucky, lenders should take note of important statutory distinctions between a PSC and other entity borrowers. KRS Chapter 274 sets forth specific requirements related to a “Qualified Person” that …
2016 Legislative Law Summary for the Real Estate Industry
The Kentucky Legislature has adjourned its legislative session, and several bills passed into law and taking effect July 15, 2016, will impact the real estate industry: Blighted and Deteriorated Properties – Senate Bill 230 amends a number of statutes related to how local …
CFPB and Regulators Issue Guidance on Consumer Deposit Account Discrepancies
On May 18, 2016, the federal financial institutions regulatory agencies—the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Consumer Financial Protection Bureau—served official …
Tom Coffey to serve as president-elect of the Brain Injury Alliance of Kentucky
The Brain Injury Alliance of Kentucky (BIAK) board has selected Tom Coffey as its next president-elect. Coffey has served on the board since 2012 and previously served as the policy analyst for the Brain Injury Association of America. "Brain injury has rightly been described as …
2016 Leadership Bowling Green Class Selects Brad Salyer as President
The 2016 Leadership Bowling Green class has selected Brad Salyer to lead the program this year as class president. He was accepted into the leadership development program, coordinated by the Bowling Green Area Chamber of Commerce, in March. Up to 32 individuals are chosen each …
Justice Scalia’s Death Affects Decision On Spousal Loan Guaranties And Equal Credit Opportunity Act
“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court on March 22, 2016, decided the Equal Credit Opportunity Act case of Hawkins v. Community Bank of Raymore, Case No. 14-520. This was the first 4-4 decision from the Supreme Court …
M&P Obtains $1.412 Million Jury Verdict in Favor of Citizens National Bank
In March, jurors were asked to decide to what extent an Eastern Kentucky community bank had been damaged when the defendant bank breached four Participation Agreements. The case was Citizens National Bank of Paintsville v. MCNB Bank and Trust Company, No. 7:12-102, U.S. District …
Kentucky Supreme Court Amends Foreclosure Rules
On January 1, 2016, the Kentucky Supreme Court amended Part IV of the Rules of Administrative Procedures, relating to the practice of Master Commissioners. A noticeable addition to the Rules was Section 5, dealing with General Provisions of Judicial Sales. As many mortgage …
