Kentucky Extends Moratorium on New Payday Lender Licenses
Kentucky has enacted Senate Bill 145, effectively extending the 10-year moratorium on new deferred deposit service business licenses, while also creating a separate check cashing service license. The deferred deposit license was commonly used to regulate both payday lenders and check cashing services. Businesses that currently hold a deferred deposit service license may continue to operate under that license, but the state will not be accepting new applications or issuing new deferred deposit service business licenses at this time.
LicenseLogix is currently monitoring when Kentucky will begin accepting applications for the new cash checking license and will provide updates as information is released.
Have questions about the new regulations or need assistance applying for a license? Let LicenseLogix assist. Contact us today for a free quote!