Interest, Usury and Late Charges

"The legal rate of interest is 8% per annum, but any party or parties may agree, in writing, for the payment of interest in excess of that rate as follows: (a) At a per annum rate not to exceed 4% in excess of the discount rate on 90 day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve District where the transaction is consummated or 19%, whichever is less, on money due or to become due upon any contract or other obligation in writing where the original principal amount is $15,000 or less; and (b) At any rate on money due or to become due upon any contract or other obligation in writing where the original principal amount is in excess of $15,000.

Any party or parties to a contract or obligation, and any party or parties who may assume or guarantee the contract or obligation, shall be bound for the rate of interest as is expressed in the contract, obligation, assumption, or guaranty, and no law of this state prescribing or limiting interest rates shall apply to the agreement or to any charges which pertain thereto or in connection therewith. (KRS § 360.010)"