{"data":{"id":"us-ky/krs-286.4-540","jurisdiction":"us-ky","citation":"KRS 286.4-540","heading":"Duties of licensee.","body":"Every licensee shall:\n(1) Deliver to the borrower at the time of making a loan, or to one (1) of them if there\nare two (2) or more obligors on the loan, a statement showing in clear and distinct\nterms the amount and date of the loan and the date of its maturity, the nature of the\nsecurity for the loan, the name and address of the borrower and of the licensee, the\nschedule of payments or a description thereof, and the agreed charges or rate of\ncharge on such loan provided, that when charges are contracted for under KRS\n286.4-530(1), the statement shall show the cash advance and the amount of the note\nincluding charges, the additional charges contracted for in case of default or\ndeferment and that a refund is required for prepayment in full;\n(2) Furnish to the borrower a receipt for ea ch cash payment made on account of any\nsuch loan at the time each payment is made but no receipt need be given where\npayment is made by check or money order; and the use of a coupon book system\nshall be deemed compliance with this section;\n(3) Upon the rep ayment of the loan in full, mark indelibly with the word \"Paid\" or\n\"Canceled\" every obligation signed by the borrower and release or provide the\nborrower with evidence to release any mortgage which no longer secures an\nobligation, restore any pledge, and c ancel and return every note and assignment\ngiven to the licensee by the borrower.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14644","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"fa7ce71e33a02a0be637ebeb0f1115ee41e1007e67d50a92bd5b97f63d9b324b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.4-535","next":"us-ky/krs-286.4-545"},"notice":"GroundRules: Original legal text. Not legal advice."}