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KRS 286.6-320

"Credit card guaranty" defined -- Requirement to insure validity

Effective: July 15, 1988 History: Created 1988 Ky

(1) As used in this section, "credit card guaranty" means an agreement pursuant to which a natural person assumes liability for indebtedness to a credit union 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.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.