Can I collect credit card information from participants in Kentucky? What are the requirements?

Based on the provided context documents, it is unclear whether collecting credit card information from participants in Kentucky is allowed or not. However, it is important to note that any credit card guaranty must be in writing and signed by the guarantor, and it must contain a provision specifying the amount of the maximum aggregate liability of the guarantor ^[1.5]. Additionally, every application for a loan shall be made in writing upon a form, which the credit committee, credit manager, or loan officer prescribes. The application shall state the purpose for which the loan is desired, and the security, if any, offered. Each loan shall be evidenced by a written document ^[1.3].

It is recommended that you consult with a legal expert or regulatory authority to determine the specific requirements and regulations regarding collecting credit card information from participants in Kentucky.

Source(s):

• [1.3] Application form.
• [1.5] “Credit card guaranty” defined – Requirement to insure validity.

Jurisdiction

Kentucky

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