Section 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:7/15/1998
Created 1998, Ky. Acts ch. 242, sec. 13, effective7/15/1998.