HB343 Alabama 2017 Session

Updated Jul 24, 2021

Summary

Primary Sponsor: Jimmy Martin
Republican
Session: Regular Session 2017
Title: Motor vehicles, sales and loan transactions, guaranteed asset protection waivers authorized, coverage of loan balance if vehicle a total loss or stolen, Superintendent of Banks authorized to assess penalties, Secs. 8-37-1 to 8-37-9, inclusive, added
Description: Under existing law, guaranteed asset protection waivers are not regulated. The term generally refers to an agreement or contract related to the financing of motor vehicles which protect the borrower for the balance due on a loan when the motor vehicle is totalled or stolen and the casualty insurance payment or other payments are not sufficient to cover the total loan balance.
This bill would specifically authorize guaranteed asset protection waivers and regulate the transactions. The Superintendent of Banks would be granted authority to assess a civil penalty for violations.
Subjects: Motor Vehicles

Read for the first time and referred to the House of Representatives committee on Financial Services