{"data":{"id":"us-ky/krs-371.290","jurisdiction":"us-ky","citation":"KRS 371.290","heading":"Consolidation of subsequent purchases with existing contract --","body":"Memorandum -- Allocation of payments.\n(1) If, in a retail installment transaction, a retail buyer makes any subsequent purchases\nof goods or services from a retail seller from whom he has  previously purchased\ngoods or services under one or more retail installment contracts, and the amounts\nunder such previous contract or contracts have not been fully paid, the subsequent\npurchases may, at the seller's option, be included in and consolidate d with one or\nmore of the previous contract or contracts. Each subsequent purchase shall be a\nseparate retail installment contract under KRS 371.210 to 371.330, notwithstanding\nthat the same may be included in and consolidated with one or more of such\nprevious contract or contracts. All the provisions of KRS 371.210 to 371.330 with\nrespect to retail installment contracts shall be applicable to such subsequent\npurchases except as stated in subsections (2) to (7) of this section.\n(2) In the event of such con solidation, in lieu of the buyer's executing a retail\ninstallment contract respecting each subsequent purchase, as provided in KRS\n371.220 to 371.290, it shall be sufficient if the seller shall prepare a written\nmemorandum of each subsequent purchase, in w hich case the provisions of\nsubsections (1), (2), (3), and (4) of KRS 371.220 shall not be applicable. Unless\npreviously furnished in writing to the buyer by the seller, by sales slip, memoranda,\nor otherwise, such memorandum shall set forth with respect t o each subsequent\npurchase the following:\n(a) The cash sale price of the goods or services;\n(b) The amount of the buyer's down payment, identifying the amounts paid in\nmoney and allowed for goods traded in;\n(c) The difference between items (a) and (b);\n(d) The aggregate amount, if any, included for insurance, if a separate identified\ncharge is made therefor, specifying the type or types of insurance and the term\nor terms of coverage;\n(e) The aggregate amount of official fees;\n(f) The principal balance, which is the sum of items (c), (d), and (e);\n(g) The amount or rate of the time price differential;\n(h) The amount of the time balance owed by the buyer to the seller, which is the\nsum of items (f) and (g);\n(i) The outstanding balance of the previous contract or contracts;\n(j) The consolidated time balance, which is the sum of items (h) and (i);\n(k) The revised installments applicable to the consolidated time balance, if any.\nThe seller shall deliver to the buyer a copy of such memorandum prior to the due\ndate of the first installment of such consolidated contract.\n(3) When such subsequent purchases are made, if the seller has retained title or taken a\nlien or other security interest in any of the goods purchased under any one of the\ncontracts included in the consolidation.\n(4) The entire amount of all payments made prior to such subsequent purchases shall be\ndeemed to have been applied on the previous purchases.\n(5) Each payment after such subsequent purchases made on this consolidated contract\nshall be deemed to have been allocated to all of the various purchases in t he same\nratio as the original cash sale prices of the various purchases bear to the total of all.\n(6) Where the amount of each installment payment is increased in connection with such\nsubsequent purchases, at the seller's option, the subsequent payments m ay be\ndeemed to be allocated as follows: an amount equal to the original periodic payment\nto the previous purchase, the balance to the subsequent purchase. However, the\namount of any down payment on the subsequent purchase shall be allocated in its\nentirety to such subsequent purchase.\n(7) The provisions of subsections (3), (4), (5), and (6) of this section shall not apply to\ncases where such previous and subsequent purchases involve equipment, parts, or\nother goods attached or affixed to goods previously purchased and not fully paid, or\nto services in connection therewith rendered by the seller at the buyer's request.","path":["KRS Chapter 371"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35247","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:08Z","sha256":"7b8141f23a49ef4590ce0f1442d45fb8f6028522e71a16d78d75456972a9f5e5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-371.280","next":"us-ky/krs-371.300"},"notice":"GroundRules: Original legal text. Not legal advice."}