A predatory lending law similar to proposed federal legislation went into effect June 24 in Kentucky.The law, an industry bill, uses the same triggers for a high-cost loan as the federal standard under the Home Ownership and Equity Protection Act. It was described by Jon McCain, the executive director of the Kentucky Mortgage Bankers Association, as "almost a mirror" of a federal bill backed by Rep. Bob Ney, R-Ohio. Anne Marie Regan, an attorney for the Kentucky Legal Services, one of the consumer groups that introduced a competing bill, said there were no real negotiations between the two sides over the law's terms. She added that consumer advocates were considering introducing additional legislation in the next session.
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