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286.10-250 Record of agreement -- Contents -- Signature requirement -- Location
of records.
(1)
(2)
(3)
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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