Kentucky Statutes 367.913 – Member’s cancellation rights
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(1) In addition to any rights that may be conferred upon a member by KRS § 367.610, no holder of a consumer credit contract, as that term is defined in KRS § 367.600, shall fail to honor a member’s cancellation rights and provide a refund within the time period required by KRS § 367.910.
(2) Subsection (1) of this section shall apply regardless of whether the consumer credit contract is in compliance with trade regulations 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.
(3) No assignee of a health spa’s right to payment pursuant to a contract not providing for an extension of credit shall fail to honor a member’s cancellation rights and provide a refund within the time period required by KRS § 367.910.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 367, sec. 4, effective July 15, 1988.
(2) Subsection (1) of this section shall apply regardless of whether the consumer credit contract is in compliance with trade regulations 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.
Terms Used In Kentucky Statutes 367.913
- Contract: A legal written agreement that becomes binding when signed.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(3) No assignee of a health spa’s right to payment pursuant to a contract not providing for an extension of credit shall fail to honor a member’s cancellation rights and provide a refund within the time period required by KRS § 367.910.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 367, sec. 4, effective July 15, 1988.