{"data":{"id":"us-ky/krs-155.210","jurisdiction":"us-ky","citation":"KRS 155.210","heading":"Specified late charges for default of loan and litigation charges treated as","body":"liquidated damages.\nA business development corporation may require as a part of any loan made by it, that in\nthe event of a default by the borrower in the repayment or other terms of the loan\nobligation, the borrower shall pay late charges of a specified amount of up to five percent\n(5%) per month of the amount of the monthly installment in arrears.  Moreover, a\nbusiness development corporation may require that in the event an y litigation becomes\nnecessary as a consequence of the borrower's default, the borrower shall further be liable\nfor a specified amount of up to two percent (2%) of the unpaid principal balance owed on\nsuch loan.  Such provisions shall be treated as liquida ted damages and shall be valid and\nenforceable by the courts for all purposes.","path":["KRS Chapter 155"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3074","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:59Z","sha256":"0b04d9d91a5e472b3bbbdc2f333a249afceeddac6bcb76bc92fab33495013716","source_id":"us-ky","stale":false,"prev":"us-ky/krs-155.200","next":"us-ky/krs-155.220"},"notice":"GroundRules: Original legal text. Not legal advice."}