Payday loan laws in Kentucky
Status: Legal (06.50.010 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Should 14-60 days
- Fees and finance charges: $15 per $100 on amount loaned + $1 database fee
- Finance charge on a 14-day $100 loan: $17.65
- APR on 14-day $100 loan: 459%
Collection restrictions:
- Collection fees: 1 NSF fee (in case disclosed)
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Two
- Rollovers allowed: None
- Cooling-off phase: None
Complaint cell:
- Regulator: Kentucky Department of Financial Institutions (DFI)
- Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
- Phone: Toll-Free: (800) 223-2579
- Fax: (502) 573-8787
- Regulatory contact: Gary Davis; Branch Manager
- Website: http://www.kfi.ky.gov/Pages/default.aspx
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File Complaint: http://www.kfi.ky.gov/complaint/
Pages/financial.aspx
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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