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.
| 106 Yeas / 1 Nay | |
|---|---|
| Excused or Not Voting (3) | |
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