808 KAR 1:081reg. Repeal of 808 KAR 1:080 and 808 KAR 1:100

      Section 1. The following administrative regulations are repealed:

      (1) 808 KAR 1:080, Investments in bank service corporations by state-chartered banks; and

      (2) 808 KAR 1:100, Information to be furnished and maintained by banks.

 

CHARLES A. VICE, Commissioner

DAVID A. DICKERSON, Secretary

      APPROVED BY AGENCY: July 13, 2016

      FILED WITH LRC: July 14, 2016 at 9 a.m.

      PUBLIC HEARING AND PUBLIC COMMENT PERIOD: A public hearing on this administrative regulation shall be held on August 22, 2016, at 10:00 a.m., at the Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, Kentucky 40601. Individuals interested in being heard at this hearing shall notify this agency in writing no later than five (5) working days prior to the hearing of their intent to attend. If no notification of intent to attend the hearing is received by that date, the hearing may be canceled. The hearing is open to the public. Any person who wishes to be heard will be given an opportunity to comment on the proposed administrative regulation. A transcript of the public hearing will not be made unless a written request for a transcript is made. If you do not wish to be heard at the public hearing, you may submit written comments on the proposed administrative regulation. Written comments shall be accepted through the end of the calendar day, 11:59 p.m., August 31, 2016. Send written notification of intent to be heard at the public hearing or written comments on the proposed administrative regulation by the above date to the contact person.

      CONTACT PERSON: Taylor Payne, Staff Attorney, or Jessica Sharpe, General Counsel, Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, Kentucky 40601, phone [phone], fax [phone]; email [e-mail] or [e-mail].

 

Regulatory Impact Analysis and Tiering Statement

 

Contact Person: Taylor Payne or Jessica Sharpe

      (1) Provide a brief summary of:

      (a) What this administrative regulation does: This administrative regulation repeals 808 KAR 1:080 and 808 KAR 1:100.

      (b) The necessity of this administrative regulation: This regulation is necessary because 808 KAR 1:080 and 808 KAR 1:100 were rendered obsolete by legislative amendments made to KRS 286.3-065 and 286.3-100(8).

      (c) How this administrative regulation conforms to the content of the authorizing statutes: KRS 286.1-020(1) provides that the commissioner may repeal any administrative regulation to carry out the provisions and intent of KRS Chapter 286. Due to the amendments to KRS 286.3-065 and 286.3-100(8), 808 KAR 1:080 and 808 KAR 1:100 are no longer necessary.

      (d) How this administrative regulation currently assists or will assist in the effective administrative of the statutes: This regulation will repeal obsolete regulations.

      (2) If this is an amendment to an existing administrative regulation, provide a brief summary of:

      (a) How the amendment will change this existing administrative regulation: n/a

      (b) The necessity of the amendment to this administrative regulation: n/a

      (c) How the amendment conforms to the content of the authorizing statutes: n/a

      (d) How the amendment will assist in the effective administrative of the statutes: n/a

      (3) List the type and number of individuals, businesses, organizations, or state and local governments affected by this administrative regulation: This regulation will affect the 134 banks chartered in Kentucky by the Department of Financial Institutions.

      (4) Provide an analysis of how the entities identified in question (3) will be impacted by either the implementation of this administrative regulation, if new, or by the change, if it is an amendment, including:

      (a) List the actions that each of the regulated entities identified in question (3) will have to take to comply with this administrative regulation or amendment: This regulation will not require compliance from regulated entities.

      (b) In complying with this administrative regulation or amendment, how much will it cost each of the entities identified in question (3): Since this regulation will not require compliance by regulated entities, there are no costs associated with this administrative regulation.

      (c) As a result of compliance, what benefits will accrue to the entities identified in question (3): Since this regulation will not require compliance by regulated entities, no benefits will accrue as a result of compliance.

      (5) Provide an estimate of how much it will cost the administrative body to implement this administrative regulation:

      (a) Initially: No cost anticipated.

      (b) On a continuing basis: No cost anticipated.

      (6) What is the source of the funding to be used for implementation and enforcement of this administrative regulation: No source of funding will be required.

      (7) Provide an assessment of whether an increase in fees or funding will be necessary to implement this administrative regulation, if new, or by the change if it is an amendment: No increase in fees or funding will be necessary to implement this regulation.

      (8) State whether or not this administrative regulation established any fees or directly or indirectly increased any fees: This regulation does not establish or increase any fees.

      (9) TIERING: Is tiering applied? Tiering was not applied because this regulation will apply to similarly situated entities in an equal manner.

 

FISCAL NOTE ON STATE OR LOCAL GOVERNMENT

 

      1. What units, parts or divisions of state or local government (including cities, counties, fire departments, or school districts) will be impacted by this administrative regulation? The Kentucky Department of Financial Institutions will be impacted by this administrative regulation.

      2. Identify each state or federal statute or federal regulation that requires or authorizes the action taken by the administrative regulation. The statutory authority for this administrative regulation is KRS 286.1-020(1).

      3. Estimate the effect of this administrative regulation on the expenditures and revenues of a state or local government agency (including cities, counties, fire departments, or school districts) for the first full year the administrative regulation is to be in effect.

      (a) How much revenue will this administrative regulation generate for the state or local government (including cities, counties, fire departments, or school districts) for the first year? None.

      (b) How much revenue will this administrative regulation generate for the state or local government (including cities, counties, fire departments, or school districts) for subsequent years? None.

      (c) How much will it cost to administer this program for the first year? There will be no cost for the first year.

      (d) How much will it cost to administer this program for subsequent years? There will be no cost for subsequent years.

      Note: If specific dollar estimates cannot be determined, provide a brief narrative to explain the fiscal impact of the administrative regulation.

      Revenues (+/-): None.

      Expenditures (+/-): No cost.

      Other Explanation: None.

Notation

      RELATES TO: KRS 286.3-065, 286.3-100

      STATUTORY AUTHORITY: KRS 286.1-020(1)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.1-020(1) authorizes the commissioner of the department to repeal any administrative regulation necessary to interpret and carry out the provisions and intent of KRS Chapter 286. KRS 286.3-065 was amended to remove language requiring the commissioner to determine by administrative regulation the publications and banking laws that must be furnished to directors by banks. KRS 286.3-100(8) was amended to authorize banks to purchase and hold shares of a bank service corporation. This administrative regulation repeals 808 KAR 1:080 and 808 KAR 1:100, which were rendered obsolete upon the amendments of KRS 286.3-065 and 286.3-100.