Kentucky Statutes 367.387 – Remedies for borrower — Time limitation
Current as of: 2024 | Check for updates
|
Other versions
(1) Any borrower who suffers a loss of money or property as a result of a violation of KRS § 367.381 may bring an action against the loan broker, its principals, employees, or agents, and against the surety bond, or trust account, if any, of the loan broker. The action shall be brought in the county in which the solicitation was made, and recovery shall not exceed an amount equal to three (3) times his actual damages. The court may award to the prevailing party, in addition to the relief provided in this section, reasonable attorney’s fees and costs.
(2) A permanent injunction, judgment, or order of the court obtained by the Attorney General pursuant to KRS § 367.385 shall be prima facie evidence in an action brought under this section that the defendant used or employed a method, act, or practice declared unlawful by KRS § 367.381.
(3) A person bringing an action under this section shall bring the action within one (1) year after any action brought by the Attorney General has been terminated, or two (2) years after the violation occurred, whichever is later.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 301, sec. 5, July 14, 1992.
(2) A permanent injunction, judgment, or order of the court obtained by the Attorney General pursuant to KRS § 367.385 shall be prima facie evidence in an action brought under this section that the defendant used or employed a method, act, or practice declared unlawful by KRS § 367.381.
Terms Used In Kentucky Statutes 367.387
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Year: means calendar year. See Kentucky Statutes 446.010
(3) A person bringing an action under this section shall bring the action within one (1) year after any action brought by the Attorney General has been terminated, or two (2) years after the violation occurred, whichever is later.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 301, sec. 5, July 14, 1992.