The laws regarding credit and debt in Kentucky are governed by the Kentucky Revised Statutes (KRS). Some of the most important laws include:
- The Fair Debt Collection Practices Act (FDCPA): The FDCPA is a federal law that regulates the conduct of debt collectors. It prohibits debt collectors from engaging in abusive, deceptive, or unfair practices.
- The Kentucky Consumer Protection Act (KCPA): The KCPA is a state law that protects consumers from unfair and deceptive trade practices. It applies to all businesses, including debt collectors.
- The Kentucky Statute of Limitations on Debt: The Kentucky statute of limitations on debt is 5 years for oral contracts and 15 years for written contracts. This means that a creditor cannot sue you to collect a debt that is older than the statute of limitations.
- The Kentucky Debt Adjustment Act: The Kentucky Debt Adjustment Act regulates debt-adjusting companies. Debt-adjusting companies are businesses that help people consolidate their debts or negotiate lower payments with their creditors.
If you are having trouble with debt, there are a number of resources available to help you. You can contact the Kentucky Attorney General’s Office for information about your rights and to file a complaint against a debt collector. You can also contact a nonprofit credit counseling agency for help in managing your debt.
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