| Last Action | 02/13/26: to Committee on Committees (H) |
|---|---|
| Title | AN ACT relating to credit personal property insurance. |
| Bill Documents |
Current
Introduced |
| Bill Request Number | 1660 |
| Sponsor | B. Storm |
| Summary of Original Version | Create new sections of Subtitle 19 of KRS Chapter 304 to establish regulatory requirements relating to credit personal property insurance; define terms; establish exemptions from the regulatory requirements; establish limits on the amount and term of credit personal property insurance sold in conjunction with a closed-end credit transaction; require credit personal property insurance to cover a substantial risk of loss of, or damage to, the collateral pledged or secured in the credit transaction; prohibit an insurer from requiring bundling of other credit insurance coverages and from using gross debt in determining premiums; require a creditor to deliver, or cause to be delivered, a policy, certificate, memorandum or other disclosure disclosing the costs and coverage within 30 days after the date of the loan; require policies, certificates, plans, contracts, applications, enrollment forms, and schedules of premiums rates to be filed with the commissioner of the Department of Insurance; establish requirements for the refund of unearned premiums upon cancellation prior to the scheduled maturity date; establish requirements relating to the reporting and payment of claims; provide that a person aggrieved by a decision of the commissioner may request an administrative hearing; provide that a violation by an insurer is subject to the penalty provisions of Subtitle 99 of KRS Chapter 304; amend KRS 304.19-010, 304.19-020, 304.19-080, 304.19-090, and 304.19-130 to conform; direct that certain sections apply to contracts issued or renewed on or after the effective date of the Act. |
| Index Headings of Original Version |
Banks And Financial Institutions - Credit transactions, credit personal property insurance, regulatory requirements Insurance - Credit personal property insurance, regulatory requirements Loans, Credit, Interest, And Usury - Credit personal property insurance, regulatory requirements State Agencies - Department of Insurance, credit personal property insurance, regulatory requirements Property - Credit personal property insurance, regulatory requirements |
| Jump to Proposed Amendments | Senate Committee Substitute 1 |
| Votes | Vote History |
| 01/23/26 |
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| 02/06/26 |
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| 02/10/26 |
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| 02/11/26 |
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| 02/12/26 |
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| 02/13/26 |
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| Amendment | Senate Committee Substitute 1 |
|---|---|
| Summary | Retain original provisions, except exempt vehicle financial protection products from the credit personal property insurance regulatory requirements; delete language requiring the Commissioner of Insurance's approval of credit personal property insurance policies, certificates, plans, or contracts. |
| Index Headings |
Banks And Financial Institutions - Credit transactions, credit personal property insurance, regulatory requirements Insurance - Credit personal property insurance, regulatory requirements Loans, Credit, Interest, And Usury - Credit personal property insurance, regulatory requirements Property - Credit personal property insurance, regulatory requirements State Agencies - Department of Insurance, credit personal property insurance, regulatory requirements |
Last updated: 2/17/2026 6:57 PM (EST)