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Can you summarize KYRS 286.3-765?
Banks and Trust Companies > 'Credit card guaranty' defined -- Requirement to insure validity.
Short Summary
(1) As used in this section, ‘credit card guaranty’ means an agreement pursuant to which a natural person assumes liability for indebtedness to a bank 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. Effective: July 15, 1988 History: Created 1988 Ky. Acts ch. 236, sec. 1, effective July 15, 1988. Formerly codified as KRS 287.765. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
Jurisdiction
Kentucky