Tisha Mauro
- Democratic
- Representative
- District 46
Primary
The act establishes requirements regarding guaranteed asset protection agreements (GAP agreement). A GAP agreement relieves a consumer of liability for all or part of the deficiency balance remaining after the payment of all insurance proceeds upon the total loss of the consumer's motor vehicle. The act permits a creditor to collect additional charges for a GAP agreement as part of a consumer credit transaction. The act sets forth requirements related to GAP agreements, including: Setting conditions and provisions that must be a part of any GAP agreement in order for it to be valid; Establishing the method by which the deficiency balance is calculated and what the consumer will be owed pursuant to the GAP agreement in the event of a total loss; Detailing procedures for when a consumer files a claim under the consumer's GAP agreement after a total loss; Establishing procedures and methods for the cancellation or assignment of a GAP agreement; Establishing the maximum fee that may be charged for a GAP agreement, which must not exceed 4% of the total amount financed in the consumer credit transaction or $600, whichever amount is greater; and Prohibiting the sale of a GAP agreement in specified circumstances, such as when the loan to value ratio in the GAP agreement exceeds 150%. APPROVED by Governor June 7, 2023 EFFECTIVE January 1, 2024 NOTE: This act was passed without a safety clause. (Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
House Considered Senate Amendments - Result was to Concur - Repass
House Considered Senate Amendments - Result was to Laid Over Daily
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed with Amendments - Committee, Floor
Senate Committee on Business, Labor, & Technology Refer Amended to Senate Committee of the Whole
Senate Committee on Business, Labor, & Technology Witness Testimony and/or Committee Discussion Only
Introduced In Senate - Assigned to Business, Labor, & Technology
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed with Amendments - Committee, Floor
House Second Reading Laid Over Daily - No Amendments
House Committee on Business Affairs & Labor Refer Amended to House Committee of the Whole
Introduced In House - Assigned to Business Affairs & Labor
| Bill Text Versions | Format |
|---|---|
| Signed Act (06/07/2023) | |
| Final Act (05/22/2023) | |
| Rerevised (05/01/2023) | |
| Revised (04/28/2023) | |
| Reengrossed (03/23/2023) | |
| Engrossed (03/22/2023) | |
| Introduced (02/08/2023) | |
| PA2 (04/27/2023) | |
| PA1 (03/16/2023) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN3 (02/20/2023) | |
| Fiscal Note FN2 (03/28/2023) | |
| Fiscal Note FN3 (08/24/2023) |
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