Consumer Credit Regulation: Ky. Rev. Stat. Ann. §§ 286.7-410 to 286.7-990 (West) (Industrial Loan Corporations).
What types of lenders does it apply to (e.g., banks vs. non-banks)? Any five persons may organize an industrial loan company and apply for a certificate of approval to do business. §§ 286.7-410(2), 286.7-420, 286.7-450.
Licensure requirements and implications of licensure: Cannot engage in the business of making loans at a rate of interest in excess of the legal rate of interest prescribed in § 360.010 without obtaining certificate from state unless authorized by other specific statutory provisions. § 286.7-540.