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Sub: #1 posted on Wed, 08/06/2008 - 20:43
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Legal Status: Legal (Applies to check cashers only)
Citation:
Kentucky Rev. Stat. Ann. ???? 286.9.010 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis,, Branch Manager
Regulator Website
Sub: #2 posted on Wed, 08/06/2008 - 20:45
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http://www.debtconsolidationcare.com/pdlnews/kentucky-law s.html
Sub: #3 posted on Wed, 08/06/2008 - 20:45
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Sub: #4 posted on Wed, 08/06/2008 - 20:47
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Sub: #5 posted on Wed, 08/06/2008 - 20:56
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Sub: #6 posted on Thu, 08/07/2008 - 03:32
http://www.debtconsolidationcare.com/paydayloan/astrolend ing-impactcash.html
Sub: #7 posted on Thu, 08/07/2008 - 04:07
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KY does not have any sort of law making internet lending illegal.
Sub: #8 posted on Thu, 08/07/2008 - 06:46
(Posts: 7936 | Credits: )
Quote:
HR 500 creates new sections of Subtitle 9 of KRS Chapter 286 to require the Executive Director of the Office of Financial Institutions to develop a database of deferred deposit transactions and to promulgate regulations specifying the information required of licensees. The bill also requires the office to file an annual report regarding deferred deposit transaction licensees' activities with the Legislative Research Commission.
The bill also makes the following changes:
- Reduces the service fee for a transaction charged by a licensee from $15 to $12 for a period of 30 days, rather than 14 days.
- Provides that a licensee shall access the database, required by this Act, to ascertain if a customer has outstanding deferred deposit transactions with other licensees that would result in a debt in excess of $500.
- Prohibits refinancing of a deferred deposit transaction and prohibits pay off of a deferred deposit transaction and immediate entry into a new transaction within 72 hours.
- Provides that failure of any deferred deposit transaction to comply with KRS 286.9-100 shall void the transaction from its inception.
Payday lenders would pay $1 per loan to fund creation of the database and would access it through a Web site.
Sub: #9 posted on Thu, 08/07/2008 - 07:07
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Sub: #10 posted on Thu, 08/07/2008 - 08:41
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