Kentucky Statutes 286.10-260 – Applicability of KRS 286.4-530 — Compliance with Federal Truth in Lending Act — Rollover period — Renewals of agreements
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(1) A title pledge lender shall be subject to the same fees, default, and deferment charges as provided in KRS § 286.4-530.
(2) Notwithstanding the provisions of KRS § 286.10-205, or any law to the contrary, each title pledge lender shall issue to the pledgor a standardized consumer interest and fee notification and disclosure form in compliance with the Federal Truth in Lending Act, 15 U.S.C. secs. 1601 et seq., prior to entering into any title pledge agreement, if the pledged goods will consist of, or include, one (1) or more motor vehicles or watercraft titled by this Commonwealth or any other state.
(3) By agreement of the parties, the maturity date of the title pledge transaction may be renewed for additional thirty (30) day periods, however, the title pledge transaction shall not be renewed, rolled over, or otherwise consolidated more than three (3) times in succession. Each rollover period shall not be for less than thirty (30) days. All renewals of the title pledge transaction shall be evidenced in writing. No accrued interest or service charge shall be capitalized or added to the original principal of the title pledge transaction during any renewal.
Effective: July 15, 1998
History: Created 1998 Ky. Acts ch. 242, sec. 13, effective July 15, 1998.
Formerly codified as KRS § 368.260
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.
(2) Notwithstanding the provisions of KRS § 286.10-205, or any law to the contrary, each title pledge lender shall issue to the pledgor a standardized consumer interest and fee notification and disclosure form in compliance with the Federal Truth in Lending Act, 15 U.S.C. secs. 1601 et seq., prior to entering into any title pledge agreement, if the pledged goods will consist of, or include, one (1) or more motor vehicles or watercraft titled by this Commonwealth or any other state.
Terms Used In Kentucky Statutes 286.10-260
- any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(3) By agreement of the parties, the maturity date of the title pledge transaction may be renewed for additional thirty (30) day periods, however, the title pledge transaction shall not be renewed, rolled over, or otherwise consolidated more than three (3) times in succession. Each rollover period shall not be for less than thirty (30) days. All renewals of the title pledge transaction shall be evidenced in writing. No accrued interest or service charge shall be capitalized or added to the original principal of the title pledge transaction during any renewal.
Effective: July 15, 1998
History: Created 1998 Ky. Acts ch. 242, sec. 13, effective July 15, 1998.
Formerly codified as KRS § 368.260
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.