White v. Check Holders, Inc.

LAMBERT, Justice.

Pürsuant to CR 76.37(1), this Court granted the certification request of the United States District Court for the Eastern District of Kentucky to answer the following question of law:

When a check cashing company licensed under KRS 368 et seq. accepts and defers deposit on a check pursuant to an agreement with the maker of the check, is the service fee charged by the check cashing company a “service fee” and not “interest” under KRS 368 .100(2), or is the fee “interest” which is subject to the usury laws and disclosure provisions in KRS Chapter 360?

To resolve this issue of…