As of October 3rd of this year (2022), the state database provider for the state of Kentucky is requiring lenders it licenses for deferred check cashing to report some additional information when closing the loan transaction: payment method used to close, deposit date and proof of clearing method. I have checked the Kentucky Department of Financial Institutions (DFI) website and the Kentucky codes and regulations, including registers of both going back a year, and cannot find anything that seems to call for this explicitly. Can the database provider (Veritec Systems in this case) unilaterally decide to require information not explicitly required by statute or regulation? Or did I miss something? The relevant statute subsection is 268.9 and the regulation chapter is 808 unless I am much mistaken.
My main interest in this is to find when it was known, or should have been known, licensees would need to make changes to their reporting processes.
