{"data":{"id":"us-ky/krs-286.4-580","jurisdiction":"us-ky","citation":"KRS 286.4-580","heading":"Prohibited conduct -- No contract or loan without scheduled repayment -","body":"- Lien on real estate as security.\n(1) No licensee shall take any confession of judgment or any power of attorney running\nto the licensee or to any third person to confess  judgment or to appear for the\nborrower in a judicial proceeding; nor take any note or promise to pay that does not\ndisclose the date and amount of the loan obligation, a schedule or description of the\npayments to be made thereon, and the rate or aggregate  amount of the agreed\ncharges; nor take any instrument that is incomplete at the time the loan is made.\n(2) No licensee shall enter into any contract of loan under this subtitle unless:\n(a) The borrower agrees to make any scheduled repayment of principal within:\n1. Sixty (60) months and fifteen (15) days from the date of making the\ncontract if the principal amount of the loan exclusive of interest and\ncharges is three thousand dollars ($3,000) or less; or\n2. One hundred and twenty (120) months from the date  of making the\ncontract if the principal amount of the loan exclusive of interest and\ncharges exceeds three thousand dollars ($3,000); and\n(b) The contract provides for repayment of the amount lent in substantially equal\ninstallments at approximately equal  periodic intervals of time, except that\nwhen appropriate for the purpose of facilitating payment in accordance with\nthe seasonable nature of obligor's main source of income, payments may be\ndeferred or omitted, if all other payments are increased in a man ner that the\nother payments are substantially equal in amount and sufficient in the\naggregate to retire the loan in the period of months as provided in this\nsubsection.\n(3) No licensee shall take any mortgage or other lien instrument upon real estate as\nsecurity for any loan under this subtitle in which the principal is three thousand\ndollars ($3,000) or less, unless the lien is subject to a prior mortgage.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48944","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"f9c734a74c4912464d7a7fc1bf38c95046ec0d1061ef3c6e761bd65fa80841ac","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.4-570","next":"us-ky/krs-286.4-590"},"notice":"GroundRules: Original legal text. Not legal advice."}