Guaranteed asset protection waivers; establishes requirements for offering waivers, etc. (HB2109)

Introduced By

Del. Israel O'Quinn (R-Bristol) with support from co-patron Del. Lamont Bagby (D-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Guaranteed asset protection waivers. Establishes requirements for offering guaranteed asset protection (GAP) waivers, which are agreements, entered into as a part of or addendum to a motor vehicle financing agreement, under which the creditor agrees for a separate charge to waive or cancel amounts due on the finance agreement if the financed motor vehicle is totally damaged or stolen. The measure requires the creditor to insure its GAP waiver obligations; prohibits a creditor from conditioning an extension or term of credit on the purchase of a GAP waiver; requires a GAP waiver to include disclosures regarding the cancellation of the GAP waiver during a free look period; and establishes requirements and restrictions for the cancellation of GAP waivers, including refund provisions. The measure provides that GAP waivers are not insurance and are exempt from Virginia's insurance laws. This bill is identical to SB 1325. Read the Bill »


Bill Has Passed


01/08/2019Prefiled and ordered printed; offered 01/09/19 19103693D
01/08/2019Referred to Committee on Commerce and Labor
01/14/2019Impact statement from SCC (HB2109)
01/15/2019House committee, floor amendments and substitutes offered
01/15/2019Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
01/15/2019Committee substitute printed 19104769D-H1
01/17/2019Read first time
01/18/2019Read second time
01/18/2019Committee substitute agreed to 19104769D-H1
01/18/2019Engrossed by House - committee substitute HB2109H1
01/21/2019Read third time and passed House BLOCK VOTE (97-Y 0-N)
01/21/2019VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
01/22/2019Constitutional reading dispensed
01/22/2019Referred to Committee on Commerce and Labor
02/08/2019Impact statement from SCC (HB2109H1)
02/11/2019Reported from Commerce and Labor with amendment (13-Y 0-N) (see vote tally)
02/13/2019Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/14/2019Passed Senate with amendment
02/14/2019Passed Senate (40-Y 0-N) (see vote tally)
02/14/2019Read third time
02/14/2019Reading of amendment waived
02/14/2019Committee amendment agreed to
02/14/2019Engrossed by Senate as amended
02/14/2019Passed Senate with amendment (40-Y 0-N) (see vote tally)
02/18/2019Placed on Calendar
02/18/2019Senate amendment agreed to by House (98-Y 0-N)
02/18/2019VOTE: ADOPTION (98-Y 0-N) (see vote tally)
02/21/2019Bill text as passed House and Senate (HB2109ER)
02/21/2019Signed by Speaker
02/21/2019Signed by President
02/22/2019Impact statement from SCC (HB2109ER)
02/28/2019Enrolled Bill communicated to Governor on February 28, 2019
02/28/2019G Governor's Action Deadline Midnight, March 26, 2019
03/21/2019G Approved by Governor-Chapter 799 (effective 7/1/19)
03/25/2019G Approved by Governor-Chapter 799 (effective 7/1/19)
03/25/2019G Acts of Assembly Chapter text (CHAP0799)