Last Action | signed by Governor (Acts, ch. 58) |
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Title | AN ACT relating to insurance for tangible personal property to secure a loan by a consumer loan company. |
Bill Documents |
Bill
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Bill Request Number | 1344 |
Sponsor | B. Damron |
Summary of Original Version | Amend KRS 286.4-560 to establish the requirements for a consumer loan company to offer borrowers insurance on tangible personal property, except household goods, as security on a loan exceeding $300 if sold by a licensed insurance agent or by the consumer loan licensee if permissible under Kentucky law, and if the insurance may be excluded from the amount of the finance charge if the insurer waives its right to subrogation against the borrower; require a disclosure to the borrower of the coverages and costs of the insurance. |
Index Headings of Original Version |
Insurance - Consumer loan, credit insurance requirements for tangible personal property, establish Loans and Credit - Consumer credit insurance, requirements for tangible personal property, establish |
Proposed Amendments | House Committee Substitute 1 |
Votes | Vote History |
02/03/14 |
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02/04/14 |
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02/06/14 |
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02/12/14 |
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02/13/14 |
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02/18/14 |
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02/19/14 |
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02/21/14 |
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03/21/14 |
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03/24/14 |
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03/25/14 |
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03/26/14 |
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03/27/14 |
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04/08/14 |
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Amendment | House Committee Substitute 1 |
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Summary | Amend KRS 286.4-560 to provide that in addition to authority to request a borrower to insure tangible personal property used as security for a loan, a consumer loan licensee may also request and secure credit property insurance on the tangible personal property, provided that no part of the cost thereof shall be charged to the borrower unless the insurer agrees that it will not exercise its right to subrogation against the borrower under the licensee’s policy, and provide that any disclosure relating to insurance written in connection with a loan transaction shall be delivered to the borrower within thirty (30) days of the date of the loan. |
Index Headings |
Insurance - Consumer loan, credit insurance requirements for tangible personal property, establish Loans and Credit - Consumer credit insurance, requirements for tangible personal property, establish |
Last updated: 8/27/2019 6:52 PM (EDT)