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286.10-250 Record of agreement -- Contents -- Signature requirement -Location of records.
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Every title pledge lender shall keep a consecutively numbered record of every
title pledge agreement executed. A copy of the title pledge agreement shall be
maintained for a period of two (2) years from the date the title pledge
agreement was executed, and shall include the following:
(a) A clear and accurate description of the titled personal property, including
its vehicle identification number, license plate number, year, make, model,
type, and color;
(b) The date of the title pledge agreement;
(c) The amount of the loan made in accordance with the title pledge
agreement;
(d) The date of maturity of the loan; and
(e) The name, date of birth, Social Security number, and residence address
of the pledgor, together with a photocopy of the pledgor's motor vehicle
operator's license.
The pledgor shall sign the title pledge agreement, and shall be provided with a
copy of the agreement. The title pledge agreement shall also be signed by the
title pledge lender or the lender's employee or agent.
This information shall be maintained at the title pledge office location, approved
by the department, and made available for inspection by the law enforcement
agencies where the title pledge lender is located during the regular business
hours of the title pledge office.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 831, effective July 15, 2010. -Created 1998 Ky. Acts ch. 242, sec. 11, effective July 15, 1998.
Formerly codified as KRS 368.250.
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.
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