{"data":{"id":"us-ky/krs-40.650","jurisdiction":"us-ky","citation":"KRS 40.650","heading":"Veterans' Personal Loan Program.","body":"(1) As used in this section:\n(a) \"Department\" means the Department of Veterans' Affairs; and\n(b) \"Veteran\" means a person who served in the active Armed Forces of the\nUnited States, including the Coast Guard of the United States, and was\nreleased, separated, discharged, or retired therefr om under honorable or\ngeneral conditions.\n(2) A veterans' personal loan program trust fund is established to oversee and\nadminister funds under the Veterans' Personal Loan Program.\n(3) (a) To be eligible for a loan under the Veterans' Personal Loan Program , an\napplicant shall be a resident of, and living in, the Commonwealth on the date\nof the application.\n(b) 1. As used in this paragraph, \"qualified\" means having met loan conditions\nestablished by an administrative regulation promulgated by the\ndepartment. However, the term of a loan shall not exceed ten (10) years.\n2. The department shall cause the veterans' personal loan program trust\nfund to lend a qualified veteran or deceased veteran's unremarried\nspouse not more than ten thousand dollars ($10,000), or  a lesser amount\nestablished by an administrative regulation promulgated by the\ndepartment, for:\na. The purchase of a home, business, or business property;\nb. The education of the loan applicant or the loan applicant's spouse;\nc. The payment of family medical or funeral expenses; or\nd. The consolidation of debt.\n3. The department shall cause the veterans' personal loan trust fund to lend\na qualified child of a veteran or parent or guardian of that child not more\nthan ten thousand dollars ($10,000), or a lesser amount established by an\nadministrative regulation promulgated by the department, for the\neducation of that child, who is under the age of twenty -seven (27), at a\nuniversity, junior college, vocational training institute, or n onpublic\nschool admitting children in preschool through grade twelve (12).\n(c) No person shall receive a loan under this section in an amount that, when\nadded to the balance of the person's existing loan or loans under this section,\nwould result in a total  indebtedness to the veterans' personal loan program\ntrust fund of more than ten thousand dollars ($10,000), or a lesser amount\nestablished by an administrative regulation promulgated by the department.\n(4) (a) The veterans' personal loan program trust fund shall:\n1. Execute necessary instruments; and\n2. Collect principal and interest.\n(b) The veterans' personal loan program trust fund may:\n1. Compromise indebtedness;\n2. Sue and be sued;\n3. Post bonds;\n4. Write off indebtedness that it considers uncollectible;\n5. Exercise the rights of an owner and mortgagee if a loan provided under\nthis section is secured by a real estate mortgage;\n6. Charge to a loan applicant loan expenses incurred under this section; and\n7. a. Receive state appropriations, gifts, grants,  federal funds, and any\nother funds both public and private.\nb. Funds received, which are not necessary for the operation of the\nveterans' personal loan program trust fund, shall remain with the\ndepartment to finance other department operations.\n(5) The department shall promulgate administrative regulations necessary to carry out\nthe provisions of this section.","path":["KRS Chapter 40"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=21880","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:00Z","sha256":"fbe2620b04ee17af2dde2561412b26a7bb485c9193f0521d87071d3d48d6db1b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-40.600","next":"us-ky/krs-40.990"},"notice":"GroundRules: Original legal text. Not legal advice."}