Kentucky Revised Statutes Title V. Military Affairs § 40.650.Veterans’ Personal Loan Program

(a) “Department” means the Department of Veterans’ Affairs; and

(b) “Veteran” means a person who served in the active Armed Forces of the United States, including the Coast Guard of the United States, and was released, separated, discharged, or retired therefrom under honorable or general conditions.

(3)(a) To be eligible for a loan under the Veterans’ Personal Loan Program, an applicant shall be a resident of, and living in, the Commonwealth on the date of the application.

(b) 1. As used in this paragraph, “qualified” means having met loan conditions established by an administrative regulation promulgated by the department. However, the term of a loan shall not exceed ten (10) years.

(c) No person shall receive a loan under this section in an amount that, when added to the balance of the person’s existing loan or loans under this section, would result in a total indebtedness to the veterans’ personal loan program trust fund of more than ten thousand dollars ($10,000), or a lesser amount established by an administrative regulation promulgated by the department.

(4)(a) The veterans’ personal loan program trust fund shall:

(b) The veterans’ personal loan program trust fund may:

1. Compromise indebtedness;

2. Sue and be sued;

3. Post bonds;

4. Write off indebtedness that it considers uncollectible;

5. Exercise the rights of an owner and mortgagee if a loan provided under this section is secured by a real estate mortgage;

6. Charge to a loan applicant loan expenses incurred under this section; and

7. a. Receive state appropriations, gifts, grants, federal funds, and any other funds both public and private.

b. Funds received, which are not necessary for the operation of the veterans’ personal loan program trust fund, shall remain with the department to finance other department operations.