{"data":{"id":"us-ky/krs-304.19-204","jurisdiction":"us-ky","citation":"KRS 304.19-204","heading":"Definition of gross debt -- Credit personal property insurance --","body":"Restrictions and requirements.\n(1) As used in this section, \"gross debt\" means the sum of the remaining payments\nowed to a creditor by a debtor.\n(2) For credit personal prop erty insurance sold in conjunction with a closed -end credit\ntransaction, an insurer shall not issue the insurance:\n(a) In an amount that exceeds the gross debt of the underlying credit transaction;\nor\n(b) With a term that exceeds the scheduled term of the underlying credit\ntransaction.\n(3) Credit personal property insurance shall cover a substantial risk of loss of, or\ndamage to, the collateral pledged or secured in the credit transaction.\n(4) An insurer shall not:\n(a) Require the bundling of other credit i nsurance coverages with the purchase of\ncredit personal property insurance; or\n(b) Use gross debt in determining credit personal property insurance premiums.\n(5) A debtor shall have the choice to purchase credit personal property insurance\nseparate from other credit insurance coverage.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57196","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:50Z","sha256":"d3c0ba34a1435c525164eb1dfbc5da8aeb633fead8f772e72c47a6f94f99fb12","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.19-202","next":"us-ky/krs-304.19-206"},"notice":"GroundRules: Original legal text. Not legal advice."}