286.3 -214 Rate of interest allowed on loans of $15,000 or less -- Trust company not to extend credit -- Exception. Notwithstanding the provisions of any other law, a bank may take, receive, reserve, and charge on money due or to become due on any contract or other obligation in writing, where the original principal amount is fifteen thousand dollars ($15,000) or less, interest at any rate allowed national banking associations by the laws of the United States of America. A trust company shall not make any exten sions of credit on its own account, but may make extensions of credit for trust assets under management. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 196, sec. 12, effective July 15, 1998. -- Amended 1984 Ky. Acts ch. 324, sec. 23, effective July 13, 1984. -- Created 1979 (1st Extra. Sess.) Ky. Acts ch. 17, sec. 1, effective February 13, 1979. Formerly codified as KRS 287.214. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this st atute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
Kentucky Legal Code