367.610 Assignee of rights of seller or lessor subject to defenses of buyer against
199 words·~1 min read·
/ky/367-610A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
seller or lessor -- Exception.
(1)With respect to any consumer credit contract taken in connection with any purchase
money loan or any sale or lease of goods or services other than credit card
transaction, an assignee of the rights of the seller or lessor is subject to all defenses
of the buyer against the seller or lessor arising out of the sale or lease
notwithstanding an agreement to the contrary, but the assignee's liability under this
section may not exceed the amount owing to the assignee at the time the defense is
asserted against the assignee. Rights of the buyer or lessee under this section can
only be asserted as a matter of defense to or set off against a claim by the assignee.
(2)This section shall not apply to any consumer credit contract taken in connection
with any purchase money loan or any sale or lease of goods or services which is in
compliance with any trade regulation issued or promulgated by the Federal Trade
Commission or any regulation of the Board of Governors of the Federal Reserve
System or similar federal agency having jurisdiction relating to preservation of
consumer claims and defenses in credit transactions.