Guaranteed asset protection waivers; establishes requirements for offering waivers, etc. (SB1325)

Introduced By

Sen. Ben Chafin (R-Lebanon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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 HB 2109.

Outcome

Bill Has Passed

History

DateAction
01/07/2019Prefiled and ordered printed; offered 01/09/19 19103836D
01/07/2019Referred to Committee on Commerce and Labor
01/14/2019Impact statement from SCC (SB1325)
01/21/2019Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
01/21/2019Committee substitute printed 19105055D-S1
01/23/2019Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/24/2019Engrossed by Senate - committee substitute SB10325S1
01/24/2019Read second time
01/24/2019Reading of substitute waived
01/24/2019Committee substitute agreed to 19105055D-S1
01/24/2019Engrossed by Senate - committee substitute SB1325S1
01/25/2019Read third time and passed Senate (39-Y 0-N) (see vote tally)
01/25/2019Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally)
01/25/2019Passed Senate (40-Y 0-N) (see vote tally)
01/29/2019Placed on Calendar
01/29/2019Read first time
01/29/2019Referred to Committee on Commerce and Labor
02/10/2019Impact statement from SCC (SB1325S1)
02/12/2019Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/12/2019Read second time
02/13/2019Read third time
02/13/2019Passed House BLOCK VOTE (98-Y 0-N)
02/13/2019VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/18/2019Enrolled
02/18/2019Bill text as passed Senate and House (SB1325ER)
02/18/2019Signed by Speaker
02/19/2019Impact statement from SCC (SB1325ER)
02/19/2019Signed by President
02/20/2019G Governor's Action Deadline Midnight, March 25, 2019
02/20/2019Enrolled Bill Communicated to Governor on February 20, 2019
02/20/2019G Governor's Action Deadline Midnight, March 26, 2019
03/21/2019G Approved by Governor-Chapter 800 (effective 7/1/19)
03/25/2019G Approved by Governor-Chapter 800 (effective 7/1/19)
03/25/2019G Acts of Assembly Chapter text (CHAP0800)