SB327 Alabama 2017 Session
Bill Summary
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
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.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 17, 2017 | S | Indefinitely Postponed |
| April 20, 2017 | S | Banking and Insurance first Amendment Offered |
| April 20, 2017 | S | Reported from Banking and Insurance as Favorable with 1 amendment |
| March 16, 2017 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 18, 2017 | Room 320 **BILL & PH ADDED** at 00:00 | Senate B&I Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB327 Alabama 2017 Session - Introduced |
| Bill Amendments | Senate Banking and Insurance first Amendment Offered |