808 KAR 4:020. Compliance with Federal Consumer Credit Protection Act.

 

      RELATES TO: KRS 360.210-360.265

      STATUTORY AUTHORITY: KRS 360.260(2)

      NECESSITY, FUNCTION, AND CONFORMITY: By October 1, 1982, creditors must begin complying with an amended Federal Consumer Credit Protection Act. Since it is the expressed legislative intent of KRS 360.210 to 360.265 to require disclosure of items of information substantially similar to the requirements of any applicable federal law, the purpose of this administrative regulation is to state the department's position that compliance with the federal Truth-in-Lending law is sufficient; and that Kentucky law places no additional disclosure requirements on creditors.

 

      Section 1. Compliance with the requirements or exemptions from compliance with Federal Consumer Credit Protection, 15 USC 1601 et seq., and all existing regulations prescribed pursuant to said Law shall be deemed to be in compliance with the requirements of KRS 360.210 to 360.265. (8 Ky.R. 479; Am. 987; eff. 3-1-82.)