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2019 SESSION
HB 2109 Guaranteed asset protection waivers; establishes requirements for offering waivers, etc.
Introduced by: Israel D. O'Quinn | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
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.
FULL TEXT
- 01/08/19 House: Prefiled and ordered printed; offered 01/09/19 19103693D pdf | impact statement
- 01/15/19 House: Committee substitute printed 19104769D-H1 pdf | impact statement
- 02/21/19 House: Bill text as passed House and Senate (HB2109ER) pdf | impact statement
- 03/25/19 Governor: Acts of Assembly Chapter text (CHAP0799) pdf
AMENDMENTS
- House committee, floor amendments and substitutes offered
- Senate amendments
- Senate amendments engrossed
HISTORY
- 01/08/19 House: Prefiled and ordered printed; offered 01/09/19 19103693D
- 01/08/19 House: Referred to Committee on Commerce and Labor
- 01/15/19 House: Reported from Commerce and Labor with substitute (22-Y 0-N)
- 01/15/19 House: Committee substitute printed 19104769D-H1
- 01/17/19 House: Read first time
- 01/18/19 House: Read second time
- 01/18/19 House: Committee substitute agreed to 19104769D-H1
- 01/18/19 House: Engrossed by House - committee substitute HB2109H1
- 01/21/19 House: Read third time and passed House BLOCK VOTE (97-Y 0-N)
- 01/21/19 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 01/22/19 Senate: Constitutional reading dispensed
- 01/22/19 Senate: Referred to Committee on Commerce and Labor
- 02/11/19 Senate: Reported from Commerce and Labor with amendment (13-Y 0-N)
- 02/13/19 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/14/19 Senate: Read third time
- 02/14/19 Senate: Reading of amendment waived
- 02/14/19 Senate: Committee amendment agreed to
- 02/14/19 Senate: Engrossed by Senate as amended
- 02/14/19 Senate: Passed Senate with amendment (40-Y 0-N)
- 02/18/19 House: Placed on Calendar
- 02/18/19 House: Senate amendment agreed to by House (98-Y 0-N)
- 02/18/19 House: VOTE: ADOPTION (98-Y 0-N)
- 02/21/19 House: Enrolled
- 02/21/19 House: Bill text as passed House and Senate (HB2109ER)
- 02/21/19 House: Signed by Speaker
- 02/21/19 Senate: Signed by President
- 02/28/19 House: Enrolled Bill communicated to Governor on February 28, 2019
- 02/28/19 Governor: Governor's Action Deadline Midnight, March 26, 2019
- 03/25/19 Governor: Approved by Governor-Chapter 799 (effective 7/1/19)
- 03/25/19 Governor: Acts of Assembly Chapter text (CHAP0799)