{"data":{"id":"us-ky/krs-371.300","jurisdiction":"us-ky","citation":"KRS 371.300","heading":"Requisites of retail charge agreement.","body":"(1) Each retail charge agreement shall be in writing and signed or accepted by the\nbuyer. A retail charge agreement shall be deemed to be signed or accepted by the\nbuyer if, after a request for a retail charge account, the agreement or application for\na retail charge account is in fact signed by the buyer, or if the retail charge account\nis used by the buyer, or if the retail charge account is used by another person\nauthorized by the buyer to use it. The agreement shall not become effective until the\nbuyer has received the disclosures required pursuant to the Federal Truth -in-\nLending Act, 15 U.S.C. secs. 1601 et seq., and the buyer or person authorized by the\nbuyer uses the retail charge account. A copy of any such agreement executed or\naccepted by the buyer on or after January 1, 1963, shall be delivered or mailed to\nthe buyer by the seller prior to the date on which the first payment is due thereunder.\nAny acknowledgment by the buyer of delivery of a copy of the agreement contained\nin the body thereof shall be in a size equal to at least ten (10) point bold type and\nshall appear directly above the buyer's signature. No agreement executed on or after\nJanuary 1, 1963, shall be signed or accepted by the buyer when it contains blank\nspaces to be filled in after it h as been signed. The buyer's acknowledgment,\nconforming to the requirements of this subsection, of delivery of a copy of an\nagreement, shall be presumptive proof, in any action or proceeding, of such delivery\nand that the agreement, when signed or accepted,  did not contain any blank spaces\nas provided in KRS 371.210 to 371.330. All retail charge agreements executed on\nor after January 1, 1963, shall state the maximum amount or rate of the time price\ndifferential to be charged and paid pursuant thereto. Any s uch agreement shall\ncontain substantially the following notice printed or typed in a size equal to at least\nten (10) point bold type: \"NOTICE TO THE BUYER -- DO NOT SIGN THIS\nAGREEMENT BEFORE YOU READ IT OR IF IT CONTAINS BLANK\nSPACES. YOU ARE ENTITLED TO A COPY OF THE AGREEMENT YOU\nSIGN.\"\n(2) The seller shall promptly supply the buyer under the retail charge agreement with a\nstatement as of the end of each monthly period, which need not be a calendar\nmonth, or other regular period agreed upon in writing by  the seller and the buyer, in\nwhich there is any unpaid balance thereunder, which statement shall recite the\nfollowing:\n(a) The unpaid balance under the retail charge agreement at the beginning and at\nthe end of the period;\n(b) Unless otherwise furnished b y the seller to the buyer by sales slip,\nmemorandum, or otherwise, a description or identification of the goods or\nservices purchased during the period, the cash sale price and the date of each\npurchase;\n(c) The payments made by the buyer to the seller and  any other credits to the\nbuyer during the period;\n(d) The amount, if any, of any time price differential for such period; and\n(e) A legend to the effect that the buyer may at any time pay his total unpaid\nbalance or any part thereof.\n(3) A retail charge a greement may provide for, and the seller or holder may then,\nnotwithstanding the provisions of any other law, charge, collect and receive, in\naddition to the cash price, a time price differential for the privilege of paying in\ninstallments thereunder.\n(4) The holder of a retail charge agreement, if it so provides, may collect a delinquency\nand collection charge on each minimum payment in default for a period of more\nthan ten (10) days in an amount not to exceed five percent (5%) of each minimum\npayment, or  ten dollars ($10), whichever is greater.","path":["KRS Chapter 371"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35248","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:08Z","sha256":"4d4adc5d903e68821612c16b6e3b8060e41c757d84b39756fdfde040b1081d94","source_id":"us-ky","stale":false,"prev":"us-ky/krs-371.290","next":"us-ky/krs-371.310"},"notice":"GroundRules: Original legal text. Not legal advice."}