Lender’s License

No person shall, without first obtaining a license from the commissioner, engage in the business of making loans in the amount or of the value of $15,000 or less at a greater rate of interest, or consideration therefor than otherwise permitted by law. (KRS § 286.4-420) This requirement does not apply to any person doing business under and as permitted by any law of this state or of the United States relating to banks, savings banks, trust companies, savings and loan associations, agricultural cooperative associations, credit unions, or licensed pawnbrokers. It also does not apply to the purchase or acquisition, directly or indirectly, of notes, chattel mortgages, installment or conditional sales contracts, embodying liens or evidencing title retention arising from the bona fide sale of goods or services by a seller of the goods or services. (KRS § 286.4-410)