(1) As used in this section, “credit card guaranty” means an agreement pursuant to which a natural person assumes liability for indebtedness to a savings and loan association incurred by use of a credit card without receiving the contractual right to obtain extensions of credit under the account for which the credit card is issued.
(2) No credit card guaranty shall be valid or enforceable unless it is in writing signed by the guarantor and contains a provision specifying the amount of the maximum aggregate liability of the guarantor thereunder.

Terms Used In Kentucky Statutes 286.5-850

  • Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
  • Statute: A law passed by a legislature.

Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 236, sec. 2, effective July 15, 1988.
Formerly codified as KRS § 289.850.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.