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Committee sends bill formalizing credit property insurance authority to House floor
Summary
Senate Bill 118, sponsored by Sen. Brandon Storm, passed the House Banking and Insurance Committee with a favorable recommendation; the bill provides statutory authority for credit property insurance products that consumer loan companies already offer and file with the Department of Insurance.
Senator Brandon Storm introduced Senate Bill 118 to the House Banking and Insurance Committee and described it as a statutory framework for credit property insurance products that licensed consumer loan companies have been offering for more than two decades.
"This bill relates to credit property insurance, a product that protects personal property used to secure loans in the event of theft, accidents, or natural disasters," Storm said, noting loan companies already file product forms with the Department of Insurance but lack explicit statutory authority.
The bill drew no substantive questions from committee members during testimony. The committee took a voice roll call and Chair Meredith announced that Senate Bill 118 passed with a favorable recommendation to the House floor.
Next steps: the bill proceeds to the House floor for further consideration.
