360.020 Civil penalty for charging excessive interest -- Partial payment applied
139 words·~1 min read·
/ky/360-020A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
first to interest.
(1)The taking, receiving, reserving, or charging a rate of interest greater than is
allowed by KRS 360.010, when knowingly done, shall be deemed a forfeiture of the
entire interest which the note, bill, or other evidence of debt carries with it, or which
has been agreed to be paid thereon. In case the greater rate of interest has been paid,
the person by whom it has been paid, or his legal representatives, may recover, in an
action in the nature of an action of debt, twice the amount of the interest thus paid
from the creditors taking or receiving the same: provided, that such action is
commenced within two
(2)years from the time the usurious transaction occurred.
(2)Partial payment on a debt bearing interest shall be first applied to the interest then
due.