Legal Status
Legal - applies to check cashers only
Citation
Kentucky Rev. Stat. Ann. §§ 286.9.010 et seq.
Loan Terms
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100 on face value of check + $1 database fee
Finance Charge for 14-day $100 Loan: $16
APR for 14-day $100 Loan: 417%
Debt Limits
Maximum Number of Outstanding Loans at One Time: A licensee shall not have more than two (2) deferred deposit transactions from any one (1) customer at any one time. The total proceeds received by the customer from all of the deferred deposit transactions shall not exceed five hundred dollars ($500). KRS § 286.9-100(9)