Section 286.3-730 - Billing cycle - Payment of balance - Payment of credit card charges(1) For each billing cycle at the end of which there is an outstanding balance in the debtor's account or with respect to which a charge permitted by KRS 286.3-710 to 286.3-770 is imposed, the bank shall render a statement to the debtor containing, to the extent applicable, such information as may be required to be included therein pursuant to Title I of the Federal Consumer Credit Protection Act of 1968 (Pub. L. 90-321) and any amendments, additions or replacements thereto in effect after June 16, 1972, and a legend to the effect that the debtor may at any time pay the aggregate balance owing by him or any part thereof.(2) In the event of an extension of credit by a bank hereunder that is affected by the use of a credit card for the purchase of goods or services and that results in payment by the bank directly to a third party, the finance charge as authorized by KRS 286.3-740 shall not be imposed upon the debtor on such extension if payment in full of the entire outstanding unpaid balances owing on the debtor's account is received at the place designated by the bank by the date of the statement for the next billing cycle.Effective:7/14/2000
Amended 2000, Ky. Acts ch. 157, sec. 18, effective7/14/2000. -- Amended 1984 Ky. Acts ch. 349, sec. 2, effective 7/13/1984. -- Created 1972 Ky. Acts ch. 207, sec. 3.