Kentucky payday loan laws

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:  $17.65
APR for 14-day $100 loan:  459%

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted:  None (cannot renew, rollover, or consolidate for a fee)
Cooling-off Period:  None
Repayment Plan:

Collection Limits:

Collection Fees:  One NSF fee (if disclosed)
Criminal Action:  Prohibited

Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787

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