Kentucky enacts regulatory framework for ‘vehicle financial protection products’

Recently, Kentucky enacted SB 158, establishing a regulatory framework for “vehicle financial protection products” (VFPPs). The law creates new sections of KRS Chapter 367 that define and regulate two categories of VFPPs: (i) “debt waivers,” which include guaranteed asset protection waivers and excess wear and use waivers; and (ii) “vehicle value protection agreements,” which provide benefits upon specified adverse events affecting a vehicle such as loss, theft, damage, depreciation, or... By: Orrick, Herrington & Sutcliffe LLP