Section 286.5-850 - "Credit card guaranty" defined - Requirement to insure validity(1) As used in this section, "credit card guaranty" means an agreement pursuant to which a natural person assumes liability for indebtedness to a savings and loan association incurred by use of a credit card without receiving the contractual right to obtain extensions of credit under the account for which the credit card is issued.(2) No credit card guaranty shall be valid or enforceable unless it is in writing signed by the guarantor and contains a provision specifying the amount of the maximum aggregate liability of the guarantor thereunder.Effective:7/15/1988
Created 1988 Ky. Acts ch. 236, sec. 2, effective7/15/1988.