Introduced
by
To impose new regulations on vehicle loan "guaranteed asset protection waivers," where a borrower pays extra for the lender to cancel or waive the amount owed on a car loan if the vehicle is wrecked or stolen. Among other things the bill would mandate a 30 day right of rescission if a buyer changes his or her mind; a requirement that the lender cover the potential liability with an insurance policy; a prohibition on making the purchase of a waiver contract a condition of the loan; and require certain specified disclosures to the buyer.
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To clarify details of the 30 day right of recission provision.
The amendment passed by voice vote
Passed in the House 106 to 1 (details)
To impose new regulations on vehicle loan "guaranteed asset protection waivers," where a borrower pays extra for the lender to cancel or waive the amount owed on a car loan if the vehicle is wrecked or stolen. Among other things the bill would mandate a 30 day right of rescission if a buyer changes his or her mind; a requirement that the lender cover the potential liability with an insurance policy; a prohibition on making the purchase of a waiver contract a condition of the loan; and certain specified disclosures to the buyer.
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 36 to 0 (details)
To impose new regulations on vehicle loan "guaranteed asset protection waivers," where a borrower pays extra for the lender to cancel or waive the amount owed on a car loan if the vehicle is wrecked or stolen. Among other things the bill would mandate a 30 day right of rescission if a buyer changes his or her mind; a requirement that the lender cover the potential liability with an insurance policy; a prohibition on making the purchase of a waiver contract a condition of the loan; and certain specified disclosures to the buyer.
