{"data":{"id":"us-ky/krs-360.060","jurisdiction":"us-ky","citation":"KRS 360.060","heading":"Interest on holdbacks or reserves by persons financing loans on personal","body":"property -- Reports to dealers.\n(1) Each person engaged in the business of financing loans on personal property sold by\ndealers to purchasers on credit shall pay interest at the rate of two and one -half\npercent (2.5%) per annum on holdbacks, reserves or other money withheld from the\ndealer under any contract for financing such a purchase on credit. Interest on such\nmoney withheld shall be paid to each dealer on January 1 and July 1 of each year.\n(2) Any amount withheld by a person engaged in making such loans shall be due\nimmediately upon the close of the loan account.\n(3) Each person engaged in making such loans shall furnish each dealer as of January 1\nand July 1 of each year, a report showing the status of the dealer's reserve or\nholdback account, if any.","path":["KRS Chapter 360"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34178","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:53Z","sha256":"08831634736849b9f1618bb66a6cfba73c6dfe9c146cc274041a9c2180e4847a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-360.050","next":"us-ky/krs-360.070"},"notice":"GroundRules: Original legal text. Not legal advice."}