HB420 Alabama 2017 Session

Sponsors

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

<p class="bill_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</p><p class="bill_description"> 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</p><p class="bill_entitled_an_act"> To specifically authorize and regulate guaranteed asset protection waivers related to motor vehicle loans; to define terms; to provide for enforcement and civil penalties by the Superintendent of Banks; and for this purpose to add Chapter 37 to Title 8, Code of Alabama 1975. </p>

Subjects

Motor Vehicles