2011 Kentucky Revised Statutes Subtitle 2. Financial Institutions Generally 286.2.015 Political subdivisions prohibited from enacting or enforcing legislation governing matters preempted by state or federal law -- Exception for civil rights -- State law to be construed as consistent with federal law.
KY Rev Stat § 286.2.015 (1996 through Reg Sess) What's This?
286.2-015 Political subdivisions prohibited from enacting or enforcing legislation
governing matters preempted by state or federal law -- Exception for civil
rights -- State law to be construed as consistent with federal law.
(1)
(2)
(3)
(4)
(5)
All political subdivisions of the Commonwealth shall be prohibited from enacting
and from enforcing ordinances, resolutions, and regulations pertaining to the
financial or lending activities of persons or entities which:
(a) Are subject to the jurisdiction of the department or the provisions of this
chapter;
(b) Are subject to the jurisdiction or regulatory supervision of the Board of
Governors of the Federal Reserve System, the Office of the Comptroller of the
Currency, the Office of Thrift Supervision, the National Credit Union
Administration, the Farm Credit Administration, the Federal Deposit
Insurance Corporation, or the United States Department of Housing and Urban
Development; or
(c) Originate, purchase, sell, assign, securitize, assist, facilitate, or service
property interests or obligations created by financial transactions or loans
made, executed, or originated by persons or entities referred to in paragraph
(a) or (b) of this subsection.
The requirements of this section shall apply to all ordinances, resolutions, or
regulations pertaining to lending activities, including any ordinances, resolutions, or
regulations which limit or disqualify persons or entities from doing business with a
political subdivision based upon financial or lending activities or the imposition of
additional reporting requirements or other obligations on such persons or entities
seeking to do business with a political subdivision.
Any provision of this chapter preempted by federal law with respect to a national
bank or federal savings association shall not apply to the same extent to an
operating subsidiary of a national bank or federal savings association.
The provisions of this chapter shall be interpreted and applied to the fullest extent
practicable in a manner consistent with applicable federal laws and regulations and
with applicable policies and orders of federal regulatory agencies and shall not be
deemed to constitute an attempt to override federal law.
Nothing in this section shall be interpreted as preventing the enforcement of
ordinances, regulations, or resolutions of political subdivisions of the
Commonwealth pertaining to civil rights.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 614, effective July 15, 2010. -- Created
2003 Ky. Acts ch. 64, sec. 11, effective June 24, 2003.
Formerly codified as KRS 287.015.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286.
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