Following are the laws and regulations for the state of Kentucky relating to payday loans:
- Maximum loan value: $500
- Loan tenure: 14- 60 days
- Finance charge $17.65 per $100 (14 days)
- Maximum finance rate/ fees: $15 per $100 check face value excluding database fee $1
- One NSF fee = collection fee
- Maximum outstanding loans: two at a time, with total value not exceeding $500
No rollovers are permitted within Kentucky. Borrowers cannot consolidate or renew their payday loan. No cooling off period is specified either, hence borrowers can take consecutive payday loans.
The Kentucky Office of Financial Institutions handles all complaints or queries pertaining to payday loans. Their website is as follows:
Address: 1025 Capital Center Drive, Suite 200
Frankfort, KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
You can also contact their office via email or via phone. Consumers are encouraged to carefully read through the laws and regulations before finalizing the transaction with a payday lender.
- The first cheeseburger the world saw was served at kaolin’s restaurant in Louisville in 1934.
- The longest standing horse race in the country started here. It is the Kentucky Derby.
- People have been traveling to see Mammoth cave since the 1800s. The only tourist attraction that has been established longer than this is Niagara Falls.
- This state was the hunting grounds of the Cherokee and the Shawnee before the white man came and made their changes.
- If you have ever been the proud owner of a corvette then it was produced in Bowling Green.
- This state gave the United States Kentucky Fried Chicken. Colonel Sanders served his first delightful fried chicken up right here.
- The world’s finest horses can be found here in Lexington.
- In 1893 two sisters sang happy Birthday to you for the first time, and they forever changed the birthday celebrations of all other people in the United States after that.
- The largest fireworks display anywhere in the world is the Thunder Over Louisville that starts off the opening of the Kentucky Derby.
- There is a state law saying that any woman wearing red underwear is legally bound to marry the first gentleman that asks for her hand in marriage.
- There is a law against fishing with a bow and arrow in this state.
- There is a law that requires every bee that crosses the state line to have a certificate of health.
- State law prohibits ice cream from riding in your pockets.
- When you are selling ducks, blue ducks that is, you must sell at least six of them at one time.
- Some of the famous people from Kentucky include: George Clooney, Tom Cruise, Ashley Judd, Diane Sawyer, and Abraham Lincoln.
- Kentucky is well known for a style of music called blue grass, and is called the bluegrass state.
- The state bird is the cardinal.
- The state flower is the goldenrod.
- The state tree is the tulip tree.
- The state motto is “united we stand, divided we fall”.
- The first public library ever opened to African Americans was in Louisville in 1905.
- Berea college was the first racially integrated college in the south.
- During the civil war the confederate president, and the union president were both from Kentucky.
- The traffic lights we use with the red for stop, yellow for caution, and green for go, were invented by an ex-slave named Garrett Morgan. He hailed from Paris. He also invented the gas mask that has saved so many lives to date.
- Mammoth cave is the longest cave system in the entire world.
- The library at the university of Kentucky is the largest public college library in the United States.
- The first time anyone in the public saw the electric light bulb was at the southern exposition fair.
- The state song is My Old Kentucky Home by Stephen C. Foste.
- The Transylvania Company of Daniel Boone create the first permanent settlement in this area in 1775. In 1783 by the Treaty of Paris it was named a part of the United States.
- Kentucky became the 15th state in 1792.
- Makers mark was introduced from here in 1958 at seven dollars per bottle.
- The state wild animal is the grey squirrel.
- Loretta Lynn was from Butcher Holler and her songs made this small town famous.
- John Connolly owned the majority of the land that later was to be downtown Louisville, but Clark and the settlers with him had established a Louisville settlement on the Ohio River on corn Island. This island remained visible until sometime in the 1920s after the completion of falls Dam.
- During the war between the states this area was used as a temporary holding point for many of the confederate soldiers.
- The first chewing gum to come from here was called taffy Tolu.
- At one time all of the land west of Kentucky was considered to be wild frontier. During these days the area known as Louisville was swampy and filled with insects that spread deadly diseases. Many settlers called the area the Graveyard to the West because so many people contracted diseases and died while attempting to travel through the area.