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2021 Kentucky Revised Statutes
Chapter 286 - Kentucky financial services code
Subtitle 286.10 - Title Pledge Lending
286.10-260 Applicability of KRS 286.4-530 -- Compliance with Federal Truth in Lending Act -- Rollover period -- Renewals of agreements.

Universal Citation: KY Rev Stat § 286.10-260 (2021)
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286.10-260 Applicability of KRS 286.4-530 -- Compliance with Federal Truth in Lending Act -- Rollover period -- Renewals of agreements. (1) (2) (3) A title pledge lender shall be subject to the same fees, default, and deferment charges as provided in KRS 286.4-530. Notwithstanding the provisions of KRS 286.10-205, or any law to the contrary, each title pledge lender shall issue to the pledgor a standardized consumer interest and fee notification and disclosure form in compliance with the Federal Truth in Lending Act, 15 U.S.C. secs. 1601 et seq., prior to entering into any title pledge agreement, if the pledged goods will consist of, or include, one (1) or more motor vehicles or watercraft titled by this Commonwealth or any other state. By agreement of the parties, the maturity date of the title pledge transaction may be renewed for additional thirty (30) day periods, however, the title pledge transaction shall not be renewed, rolled over, or otherwise consolidated more than three (3) times in succession. Each rollover period shall not be for less than thirty (30) days. All renewals of the title pledge transaction shall be evidenced in writing. No accrued interest or service charge shall be capitalized or added to the original principal of the title pledge transaction during any renewal. Effective: July 15, 1998 History: Created 1998 Ky. Acts ch. 242, sec. 13, effective July 15, 1998. Formerly codified as KRS 368.260 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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