SB327 Alabama 2017 Session

Summary

Primary Sponsor

Clyde Chambliss Senator

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.

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Subjects

Motor Vehicles