Kentucky
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House Bill 316

Actions | Amendments
Last Action signed by Governor (Acts, ch. 58)
Title AN ACT relating to insurance for tangible personal property to secure a loan by a consumer loan company.
Bill Documents Bill
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

Actions

Top | Amendments
02/03/14
  • introduced in House
02/04/14
  • to Banking & Insurance (H)
02/06/14
  • posted in committee
02/12/14
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute
02/13/14
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Tuesday, February 18, 2014
02/18/14
  • 3rd reading, passed 96-0 with Committee Substitute
02/19/14
  • received in Senate
02/21/14
  • to Banking & Insurance (S)
03/21/14
  • taken from Banking & Insurance (S)
  • 1st reading
  • returned to Banking & Insurance (S)
03/24/14
  • taken from Banking & Insurance (S)
  • 2nd reading
  • returned to Banking & Insurance (S)
03/25/14
  • reported favorably, to Rules as a Consent Bill
03/26/14
  • posted for passage in the Consent Orders of the Day for Wednesday, March 26, 2014
  • 3rd reading, passed 38-0
03/27/14
  • received in House
  • enrolled, signed by each presiding officer
  • delivered to Governor
04/08/14
  • signed by Governor (Acts, ch. 58)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
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)