Kentucky Statutes 286.3-750 – Additional fees, charges and costs
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In addition to the charges provided in KRS § 286.3-740, a revolving credit plan may provide for the collection of fees not to exceed twenty dollars ($20) annually, and in addition, the following enumerated fees, charges and costs:
(1) Delinquency charges not to exceed five dollars ($5) each month if payments required by the plan are not made when due;
(2) All fees and closing costs incurred in connection with the taking of a mortgage on real estate if bona fide and not retained by the bank; and
(3) Reasonable attorney‘s fees and court costs provided that the account is referred to an attorney not a salaried employee of the bank or holder for collection.
Effective: July 13, 1984
Formerly codified as KRS § 287.750.
History: Amended 1984 Ky. Acts ch. 349, sec. 4, effective July 13, 1984. — Created
1972 Ky. Acts ch. 207, sec. 5.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
(1) Delinquency charges not to exceed five dollars ($5) each month if payments required by the plan are not made when due;
Terms Used In Kentucky Statutes 286.3-750
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Month: means calendar month. See Kentucky Statutes 446.010
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- Statute: A law passed by a legislature.
(2) All fees and closing costs incurred in connection with the taking of a mortgage on real estate if bona fide and not retained by the bank; and
(3) Reasonable attorney‘s fees and court costs provided that the account is referred to an attorney not a salaried employee of the bank or holder for collection.
Effective: July 13, 1984
Formerly codified as KRS § 287.750.
History: Amended 1984 Ky. Acts ch. 349, sec. 4, effective July 13, 1984. — Created
1972 Ky. Acts ch. 207, sec. 5.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.