286.10-260 Applicability of KRS 286.4-530 -- Compliance with Federal Truth in Lending Act -- Rollover period -- Renewals of agreements. (1) A title pledge lender shall be subject to the same fees, default, and deferment charges as provided in KRS 286.4-530. (2) 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. (3) 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.