Title 808 | Chapter 009 | Regulation 040
808 KAR 9:040.Customer account transfers.
Section 1.
In connection with a deferred deposit transaction, a licensee shall deposit or present for payment a customer's actual check to the customer's bank or other financial institution unless that check is redeemed or bought back by the customer.Section 2.
Upon nonpayment by the customer's bank or other financial institution of the customer's actual check, a licensee may use electronic debits of customer accounts in its collection efforts.HISTORY: (30 Ky.R. 525; Am. 868; eff. 10-31-2003; TAm eff. 5-2-2007; 45 Ky.R. 2202, 2911; eff. 5-3-2019.)
808 KAR 9:040.Customer account transfers.
Section 1.
In connection with a deferred deposit transaction, a licensee shall deposit or present for payment a customer's actual check to the customer's bank or other financial institution unless that check is redeemed or bought back by the customer.Section 2.
Upon nonpayment by the customer's bank or other financial institution of the customer's actual check, a licensee may use electronic debits of customer accounts in its collection efforts.HISTORY: (30 Ky.R. 525; Am. 868; eff. 10-31-2003; TAm eff. 5-2-2007; 45 Ky.R. 2202, 2911; eff. 5-3-2019.)