Kentucky Revised Statutes · § 286.2-015 — Political subdivisions prohibited from enacting or enforcing legislation governing matters preempted by state or federal law -- Exception for civil rights

(1) Except as provided in KRS 41.470 to 41.476 and 41.480, and subsection (3) of this section, all political subdivisions of the Commonwealth shall be prohibited from enacting and enforcing ordinances, resolutions, and regulations pertaining to the financial or lending activities of persons or entities that:

(a) Are subject to:

1. The jurisdiction of the department; or

2. 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 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.

(2) The requirements of this section shall apply to all ordinances, resolutions, or regulations pertaining to financial or lending activities, including any ordinances, resolutions, or regulations that:

(a) Limit or disqualify persons or entities from doing business with a political subdivision based upon financial or lending activities; or

(b) Impose additional reporting requirements or other obligations on persons or entities referred to in subsection (1) of this section seeking to do business with a political subdivision.

(3) 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.

(1) Except as provided in KRS 41.470 to 41.476 and 41.480, and subsections (3) and (4) of this section, all political subdivisions of the Commonwealth shall be prohibited from enacting and enforcing ordinances, resolutions, and regulations pertaining to the financial or lending activities of persons or entities that:

(a) Are subject to:

1. The jurisdiction of the department; or

2. 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 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.

(2) The requirements of this section shall apply to all ordinances, resolutions, or regulations pertaining to financial or lending activities, including any ordinances, resolutions, or regulations that:

(a) Limit or disqualify persons or entities from doing business with a political subdivision based upon financial or lending activities; or

(b) Impose additional reporting requirements or other obligations on persons or entities referred to in subsection (1) of this section seeking to do business with a political subdivision.

(3) 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.

(4) (a) Political subdivisions of this Commonwealth may enact and enforce ordinances, regulations, and resolutions pertaining to virtual currency kiosk business that are not in direct conflict with state law.

(b) Ordinances, regulations, and resolutions of political subdivisions of the Commonwealth that impose greater requirements or restrictions on virtual currency kiosk business than the requirements or restrictions set forth in Subtitle 13 of KRS Chapter 286 shall not be considered in direct conflict with state law.