There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 7. Industrial Loan Corporations
286.7.500 Delinquency charges.
Download pdfdelinquency charge shall be made on any one (1) installment. No delinquency
charge shall exceed five dollars ($5) on any one (1) installment. A certificate holder
and borrower may agree in writing to a deferral of all or part of one (1) or more
unpaid installments, and the certificate holder may make and collect a charge not
exceeding a rate of seven dollars ($7) per one hundred dollars ($100) per annum. In
addition to such charges attorneys' fees not exceeding fifteen percent (15%) of the
unpaid balance and court costs may be collected, provided that the note is referred
to an attorney not a salaried employee of the holder for collection. (2) The certificate holder shall permit the borrower to repay his loan in whole or in part at any time. If a loan is paid in full prior to maturity, the certificate holder shall
make a rebate at a rate not less than in accordance with the Rule of 78s if the
maximum financing charge permitted under KRS 286.7-410 to 286.7-600 has been
taken. If a lesser charge has been taken, the rebate shall be at not less than a
proportional rate. Provided, however, the certificate holder shall be permitted in
computing rebates to retain a minimum charge of ten dollars ($10) to cover its
acquisition costs and where the amount of credit for anticipation of repayment is
less than one dollar ($1), no rebate need be made. History: Amended 1972 Ky. Acts ch. 317, sec. 4. -- Created 1962 Ky. Acts ch. 166, sec. 6(3) and (4). Formerly codified as KRS 291.500.
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.
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