Ky. Rev. Stat. » Chapter 360

Ky. Rev. Stat. § 360.020

Civil penalty for charging excessive interest -- Partial payment applied

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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. History: Amended 1972 Ky. Acts ch. 216, sec. 2. -- Amended 1970 Ky. Acts ch. 67, sec. 3. -- Amended 1944 Ky. Acts ch. 173, sec. 21. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 883i-31, 2219.

Notes of Decisions
Cited in 8 cases, 1949–2020 · leading case: Tolliver v. Bank of America (In Re Tolliver)
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Tolliver v. Bank of America (In Re Tolliver) (2012) kyeb · cites it 7× “§ 360.020 requires a forfeiture of the interest and the Plaintiff may recover twice the amount of such interest paid to the Defendants.”
Hamilton v. York (1997) kyed “In order to state a claim under KRS 360.020, a person must knowingly take, receive, reserve, or charge a rate of interest greater than is allowed in KRS 360.”
E'Town Shopping Center, Inc. v. Lexington Finance Co. (1969) kyctapphigh “The Jenkenses invoke the benefit of KRS 360.020, which invalidates contracts to the extent they are usurious.”
Gudgel v. Kaelin (1977) kyctapp “In proceedings to foreclose on the mortgage, the master commissioner found that the 1 percent agreement was void under KRS 360.020 which, at the time of the transaction, provided in relevant part: “(1) All contracts and assurances for the loan or forbearance of more than three…”
Munson v. White (1949) kyctapphigh “It has been held by this Court, however, that charges of this nature constitute part of the consideration for the sale, and the usury statue, KRS 360.020, is not applicable. Cartwright v.”
Straub v. Chemical Bank (1980) kyctapp “Such is in accord with KRS 360.020(2): “Partial payment on a debt bearing interest shall be first applied to the interest then due.”
Smith v. Equifax Information Services, LLC (2020) kywd · cites it 2× “DISCUSSION As clarified in the First Amended Complaint, Smith alleges the following claims against Defendants: (1) violations of the FDCPA; (2) violations of the KCPA; (3) violations of Kentucky’s usury statute, KRS 360.020; (4) violations of both KRS 453.”
Packard v. Equifax Information Services, LLC (2020) kywd · cites it 2× “DISCUSSION As clarified in the First Amended Complaint, Plaintiffs allege the following claims against Defendants: (1) violations of the FDCPA; (2) violations of the KCPA; (3) violations of KRS 360.020, the usury statute; (4) violations of both KRS 453.”
— Ky. Rev. Stat. § 360.020(1) — 1 case
Tolliver v. Bank of America (In Re Tolliver) (2012) kyeb “§ 360.020 requires a forfeiture of the interest and the Plaintiff may recover twice the amount of such interest paid to the Defendants.”
— Ky. Rev. Stat. § 360.020(2) — 1 case
Straub v. Chemical Bank (1980) kyctapp “Such is in accord with KRS 360.020(2): “Partial payment on a debt bearing interest shall be first applied to the interest then due.”
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