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#1660758 - 02/03/12 10:54 PM KRS 304.12-150
dmfrensley Offline
New Poster
Joined: Nov 2011
Posts: 2
Does KRS 304.12-150 (notice of free choice of agent or insurer apply to business purpose loans as well as consumer purpose?
Thanks!
Dana F. First Ky Bank

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#1661727 - 02/07/12 08:50 PM Re: KRS 304.12-150 [Re: dmfrensley]
IUalum Offline
Platinum Poster
IUalum
Joined: Mar 2002
Posts: 938
Kentucky
I believe that is just a consumer disclosure.
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Opinions expressed are mine and not necessarily that of my employer.

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#1661767 - 02/07/12 09:58 PM Re: KRS 304.12-150 [Re: dmfrensley]
Irishguy Offline
Platinum Poster
Irishguy
Joined: Aug 2008
Posts: 548
Kentucky
The KRS does not define "debtor, borrower or purchaser of property." Using comon sense, you would think the disclosure would apply to businesses. But we know where common sense gets us now days.

For what it is worth, Laser Pro (our lending software) produces the Kentucky Insurance Disclosure when we do loans to businesses that are secured by collateral in which we require VSI.

Safe way to go would be to disclose, but that is just my two cents!

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