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
Tolliver v. Bank of Am. (In Re Tolliver), 464 B.R. 720 (Bankr. E.D. Ky. 2012).
· 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.”
Comm'r v. Bollinger, 485 U.S. 340 (1988).
· cites it 2× “See Ky. Rev. Stat. § 360.020 (1987) (lender liable to borrower for civil penalty), § 360.”
Hamilton v. York, 987 F. Supp. 953 (E.D. Ky. 1997).
“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.”
Gudgel v. Kaelin, 551 S.W.2d 803 (Ky. Ct. App. 1977).
“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, 217 S.W.2d 641 (Ky. Ct. App. 1949).
“This automobile was sold under a conditional sales contract, and part of the purchase price was to be paid over a period *297 of time in installments. By virtue of this transaction, appellant paid as finance, or service charges, an additional sum of $150.”
Straub v. Chem. Bank, 608 S.W.2d 71 (Ky. Ct. App. 1980).
“First, neither the proceeds of the letter of credit nor of the bankruptcy was applied to principal; rather each served to reduce the outstanding interest on the note.”
Smith v. Equifax Info. Servs., LLC (W.D. Ky. 2020).
· 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 Info. Servs., LLC (W.D. Ky. 2020).
· 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.”
Dionte Tyler v. DH Capital Mgmt., Inc. (6th Cir. 2013).
“Ky. Rev. Stat. § 360.020. The interest need not have been collected; the statute can be used to “invalidate[] contracts to the extent they are usurious.”
— Ky. Rev. Stat. § 360.020(1) — 2 cases
Tolliver v. Bank of Am. (In Re Tolliver), 464 B.R. 720 (Bankr. E.D. Ky. 2012).
“§ 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. Chem. Bank, 608 S.W.2d 71 (Ky. Ct. App. 1980).
“First, neither the proceeds of the letter of credit nor of the bankruptcy was applied to principal; rather each served to reduce the outstanding interest on the note.”
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