A. Benton "Ben" Chafin
- Republican
Primary
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.
Enrolled Bill Communicated to Governor on February 20, 2019
Governor's Action Deadline Midnight, March 25, 2019
Signed by President
Signed by Speaker
Enrolled
Read third time
Passed House BLOCK VOTE (98-Y 0-N)
Read second time
Referred to Committee on Commerce and Labor
Placed on Calendar
Read first time
Engrossed by Senate - committee substitute SB1325S1
Committee substitute agreed to 19105055D-S1
Reading of substitute waived
Read second time
Prefiled and ordered printed; offered 01/09/19 19103836D
Referred to Committee on Commerce and Labor
| Bill Text Versions | Format |
|---|---|
| Senate: Prefiled and ordered printed; offered 01/09/19 19103836D | HTML |
| Senate: Committee substitute printed 19105055D-S1 | HTML |
| Senate: Bill text as passed Senate and House (SB1325ER) | HTML |
| Document | Format |
|---|---|
| No related documents. |
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