{"data":{"id":"us-ky/krs-286.4-570","jurisdiction":"us-ky","citation":"KRS 286.4-570","heading":"Wage purchases -- Assignment of compensation.","body":"(1) The payment of fifteen thousand dollars ($15,000) or less in money, credit, goods,\nor things in action, as consideration for any sale, assignment, or order for the\npayment of wages, salary, commissions, or other compensation for services,\nwhether earned or  to be earned, shall be deemed for the purposes of regulation\nunder this subtitle, a loan secured by such assignment, and the amount by which\nsuch assigned compensation exceeds the amount of such consideration actually paid\nshall be deemed for the purposes of regulation under this subtitle interest or charges\nupon such loans from the date of payment to the date such compensation is payable.\nSuch transaction shall be governed by and subject to the provisions of this subtitle.\n(2) No assignment of or order f or payment of any salary, wages, commissions, or other\ncompensation for services, earned or to be earned, when taken as security for any\nloan made under this subtitle, shall be valid unless the amount of the loan is paid to\nthe borrower simultaneously with  its execution. Under any assignment of or order\nfor the payment of future salary, wages, commissions, or other compensation for\nservices given as security for a loan made under this subtitle, there shall not at any\ntime be collectible from the employer of  the borrower more than ten percent (10%)\nof the amount then owing the borrower for any such salary, wages, commissions or\nother compensation for services.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14647","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"29044a9171df03c34aa8527fe3f69f3958ccaadfa0169173b2d470119353e269","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.4-560","next":"us-ky/krs-286.4-580"},"notice":"GroundRules: Original legal text. Not legal advice."}