KRS 367.390: Right to refinance consumer loan or consumer credit transaction --

Conditions -- Exception.

(1) With respect to a consumer loan or consumer credit transaction, other than one

primarily for an agricultural purpose or one pursuant to a revolving loan ac count or

a revolving charge account, if any scheduled payment is more than twice as large as

the average of earlier scheduled payments, the debtor has the right to refinance the

amount of that payment at the time it is due without penalty. The terms of the

refinancing shall be no less favorable to the debtor than the terms of the original

loan or consumer credit transaction. These provisions do not apply to the extent that

the payment schedule is adjusted to the seasonal or irregular income of the debtor.

(2) Notwithstanding any other provision of this section, this section shall not apply to a

consumer loan or consumer credit transaction directly between a debtor and a

financial institution in connection with the purchase or construction of residential

property where payment of such loan or transaction is secured by a mortgage lien

upon such property.