Statutes, codes, and regulations
Kentucky Revised Statutes
Title 25 - BUSINESS AND FINANCIAL INSTITUTIONSChapter 286 - KENTUCKY FINANCIAL SERVICES CODE
Subtitle 286.3 - BANKS AND TRUST COMPANIES
Section 286.3-214 - Rate of interest allowed on loans of $15,000 or less - Trust company not to extend credit - Exception

Ky. Rev. Stat. § 286.3-214

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Current through 2024 Ky. Acts ch. 225
Section 286.3-214 - Rate of interest allowed on loans of $15,000 or less - Trust company not to extend credit - Exception

Notwithstanding the provisions of any other law, a bank may take, receive, reserve, and charge on money due or to become due on any contract or other obligation in writing, where the original principal amount is fifteen thousand dollars ($15,000) or less, interest at any rate allowed national banking associations by the laws of the United States of America. A trust company shall not make any extensions of credit on its own account, but may make extensions of credit for trust assets under management.

KRS 286.3-214

Effective:7/15/1998
Amended 1998, Ky. Acts ch. 196, sec. 12, effective7/15/1998. -- Amended 1984 Ky. Acts ch. 324, sec. 23, effective 7/13/1984. -- Created 1979 (1st Extra. Sess.) Ky. Acts ch. 17, sec. 1, effective 2/13/1979.