KentuckyAN ACT relating to products that offer benefits in connection with personal property.
What it does
Create new sections of KRS Chapter 367 to establish regulatory requirements for vehicle financial protection products; establish the purpose of the requirements; define terms; provide that vehicle financial protection products issued before, on, or after the effective date of the Act shall not be considered insurance; establish exemptions from the regulatory requirements; provide that amounts charged or financed for vehicle financial protection products are authorized charges to be stated separately and shall not be considered a finance charge or interest; prohibit conditioning the extension of credit, terms of a loan, or terms of a related vehicle sale or lease from being conditioned on the consumer's payment for a vehicle financial protection product; establish requirements for debt waivers; establish requirements for vehicle value protection agreements; amend KRS 190.100 and create a new section of Subtitle 4 of KRS Chapter 286 to require retail installment contracts and consumer loan companies to comply with the regulatory requirements for vehicle financial protection products; amend KRS 304.1-120 to conform; direct that the Act applies to vehicle financial protection products that become effective on or after January 1, 2027; EFFECTIVE January 1, 2027.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 3signed by Governor Andy Beshear (Acts Ch. 16)Became Law
- Mar 25delivered to Governor
- Vote recorded FINAL PASSAGE OF SB 158 w/ HCS 1, HCA 1 (T). Result: pass.Upper
- Mar 25enrolled, signed by Speaker of the HouseTo Governor
- Mar 25enrolled, signed by President of the SenateMajor
- Mar 25passed 38-0Major
- Mar 25Senate concurred in Committee Substitute (1) and Committee Amendment (1-title)
- Mar 25posted for passage for concurrence in House Committee Substitute (1) and Committee Amendment (1-title)
- Mar 25taken from Rules
- Mar 25to Rules (S)Minor
- Mar 25received in Senate
- Mar 243rd reading, passed 92-0 with Committee Substitute (1) and Committee Amendment (1-title)Passed House
- Vote recorded Pass. Result: pass.Lower
- Mar 20posted for passage in the Regular Orders of the Day for Tuesday, March 24 2026
- Mar 122nd reading, to RulesMinor
- Mar 11reported favorably, 1st reading, to Calendar with Committee Substitute (1) and Committee Amendment (1-title)Minor
- Mar 5to Banking & Insurance (H)Minor
- Feb 13to Committee on Committees (H)Minor
- Feb 13received in House
- Feb 123rd reading, passed 37-0Passed Senate
- Vote recorded PASS SB 158. Result: pass.Upper
- Feb 11posted for passage in the Regular Orders of the Day for Thursday, February 12 2026
- Feb 112nd reading, to RulesMinor
- Feb 10reported favorably, 1st reading, to CalendarMinor
- Feb 6to Banking & Insurance (S)Minor
- Feb 3to Committee on Committees (S)Minor
- Feb 3introduced in SenateIntroduced