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2019 SESSION
SB 1325 Guaranteed asset protection waivers; establishes requirements for offering waivers, etc.
Introduced by: A. Benton "Ben" Chafin | 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 HB 2109.
FULL TEXT
- 01/07/19 Senate: Prefiled and ordered printed; offered 01/09/19 19103836D pdf | impact statement
- 01/21/19 Senate: Committee substitute printed 19105055D-S1 pdf | impact statement
- 02/18/19 Senate: Bill text as passed Senate and House (SB1325ER) pdf | impact statement
- 03/25/19 Governor: Acts of Assembly Chapter text (CHAP0800) pdf
HISTORY
- 01/07/19 Senate: Prefiled and ordered printed; offered 01/09/19 19103836D
- 01/07/19 Senate: Referred to Committee on Commerce and Labor
- 01/21/19 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 01/21/19 Senate: Committee substitute printed 19105055D-S1
- 01/23/19 Senate: Constitutional reading dispensed (39-Y 0-N)
- 01/24/19 Senate: Read second time
- 01/24/19 Senate: Reading of substitute waived
- 01/24/19 Senate: Committee substitute agreed to 19105055D-S1
- 01/24/19 Senate: Engrossed by Senate - committee substitute SB1325S1
- 01/25/19 Senate: Read third time and passed Senate (39-Y 0-N)
- 01/25/19 Senate: Reconsideration of passage agreed to by Senate (40-Y 0-N)
- 01/25/19 Senate: Passed Senate (40-Y 0-N)
- 01/29/19 House: Placed on Calendar
- 01/29/19 House: Read first time
- 01/29/19 House: Referred to Committee on Commerce and Labor
- 02/12/19 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/12/19 House: Read second time
- 02/13/19 House: Read third time
- 02/13/19 House: Passed House BLOCK VOTE (98-Y 0-N)
- 02/13/19 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 02/18/19 Senate: Enrolled
- 02/18/19 Senate: Bill text as passed Senate and House (SB1325ER)
- 02/18/19 House: Signed by Speaker
- 02/19/19 Senate: Signed by President
- 02/20/19 Senate: Enrolled Bill Communicated to Governor on February 20, 2019
- 02/20/19 Governor: Governor's Action Deadline Midnight, March 26, 2019
- 03/25/19 Governor: Approved by Governor-Chapter 800 (effective 7/1/19)
- 03/25/19 Governor: Acts of Assembly Chapter text (CHAP0800)