2009 Kentucky Revised Statutes Subtitle 3. Banks and Trust Companies 286.3.214 Rate of interest allowed on loans of $15,000 or less -- Trust company not to extend credit -- Exception.
286.3-214 Rate of interest allowed on loans of $15,000 or less -- Trust company not
to extend credit -- Exception.
Notwithstanding the provisions of any other law, a bank may take, receive, reserve, and <br>charge on money due or to become due on any contract or other obligation in writing, <br>where the original principal amount is fifteen thousand dollars ($15,000) or less, interest <br>at any rate allowed national banking associations by the laws of the United States of <br>America. A trust company shall not make any extensions of credit on its own account, but <br>may make extensions of credit for trust assets under management.
Effective: July 15, 1998 <br>History: Amended 1998 Ky. Acts ch. 196, sec. 12, effective July 15, 1998. -- Amended
1984 Ky. Acts ch. 324, sec. 23, effective July 13, 1984. -- Created 1979 (1st Extra. <br>Sess.) Ky. Acts ch. 17, sec. 1, effective February 13, 1979.
Formerly codified as KRS 287.214. <br>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 <br>Kentucky Financial Services Code, KRS Chapter 286.
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