HB479 Alabama 2018 Session

Existing law provides that if a guaranteed asset protection waiver is canceled due to early termination of the finance agreement, the creditor, administrator, or other authorized party shall provide any refund due to a borrower within 60 days of termination without requiring the borrower to request cancellation of the waiver

This bill would extend the refund period to 120 days

To amend Section 8-37-6 as added to the Code of Alabama 1975, by Act 2017-392 (Acts 2017, 2017 Regular Session) relating to guaranteed asset protection waivers; to require a creditor or the administrator or retail seller of a motor vehicle to provide, within 120 days of termination, any refund due to a borrower if a guaranteed asset protection waiver is canceled due to early termination of the finance agreement without requiring the borrower to request cancellation of the waiver.