HB479 Alabama 2018 Session

Sponsors

Session

Regular Session 2018

Title

Motor vehicle, guaranteed asset protection waiver increase the fine for providing a refund, Sec. 8-37-6 am'd.

Description

<p class="bill_description"> 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</p><p class="bill_description"> This bill would extend the refund period to 120 days</p><p class="bill_entitled_an_act"> 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. </p>

Subjects

Motor Vehicles