{"data":{"id":"us-ky/krs-360.020","jurisdiction":"us-ky","citation":"KRS 360.020","heading":"Civil penalty for charging excessive interest -- Partial payment applied","body":"first to interest.\n(1) The taking, receiving, reserving, or charging a rate of interest greater than is\nallowed by KRS 360.010, when knowingly done, shall be deemed a forfeiture of the\nentire interest which the note, bill, or other evidence of debt carries with it, or which\nhas been agreed to be paid thereon. In case the greater rate of interest has been paid,\nthe person by whom it has been paid, or his legal representatives, may recover, in an\naction in the nature of an action of debt, twice the amount of the interest thus paid\nfrom the creditors taking or receiving the same: provided, that such action is\ncommenced within two (2) years from the time the usurious transaction occurred.\n(2) Partial payment on a debt bearing interest shall be first applied to the interest then\ndue.","path":["KRS Chapter 360"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34171","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:53Z","sha256":"faf6f9c67401032517e6ae798a632ab3f542ca432226d519374397b9eb3cbf49","source_id":"us-ky","stale":false,"prev":"us-ky/krs-360.010","next":"us-ky/krs-360.022"},"notice":"GroundRules: Original legal text. Not legal advice."}