SB 118 KY

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Passed One Chamber

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.

• B. Storm Republican · primary

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