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 authorizes the State Corporation Commission to assess monetary penalties against violators. The measure provides that GAP waivers are not insurance and are exempt from Virginia's insurance laws. Read the Bill »

Status

01/07/2019: Awaiting a Vote in the Commerce and Labor Committee

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)

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)