HB 316 (BR 1344) - R. Damron
AN ACT relating to insurance for tangible personal property to secure a loan by a consumer loan company.
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.
HB 316 - AMENDMENTS
HCS - 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.
Feb 3-introduced in House
Feb 4-to Banking & Insurance (H)
Feb 6-posted in committee
Feb 12-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 13-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Tuesday, February 18, 2014
Feb 18-3rd reading, passed 96-0 with Committee Substitute
Feb 19-received in Senate
Feb 21-to Banking & Insurance (S)
Mar 21-taken from Banking & Insurance (S); 1st reading; returned to Banking & Insurance (S)
Mar 24-taken from Banking & Insurance (S); 2nd reading; returned to Banking & Insurance (S)
Mar 25-reported favorably, to Rules as a Consent Bill
Mar 26-posted for passage in the Consent Orders of the Day for Wednesday, March 26, 2014; 3rd reading, passed 38-0
Mar 27-received in House; enrolled, signed by each presiding officer; delivered to Governor
Apr 8-signed by Governor (Acts, ch. 58)