SB 118: AN ACT relating to credit personal property insurance.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. March 12, 2026recommitted to Banking & Insurance (H)
2. March 5, 20262nd reading, to Rules
3. March 4, 2026reported favorably, 1st reading, to Calendar
4. March 2, 2026to Banking & Insurance (H)
5. February 13, 2026to Committee on Committees (H)
6. February 13, 2026received in House
7. February 12, 20263rd reading, passed 38-0 with Committee Substitute (1)
8. February 11, 2026posted for passage in the Regular Orders of the Day for Thursday, February 12 2026
9. February 11, 20262nd reading, to Rules
10. February 10, 2026reported favorably, 1st reading, to Calendar with Committee Substitute (1)
11. February 6, 2026to Banking & Insurance (S)
12. January 23, 2026to Committee on Committees (S)

Showing 12 most recent of 13 actions. Full history