SB48 Alabama 2022 Session

Signed by Governor

Bill Summary

Sponsors

Tom Whatley

Session

Regular Session 2022

Title

Motor vehicle, financing and lease agreements, lease waiver agreements to pay deficiency balances at end of lease, motor vehicle value protection agreements to reduce deficiency balances, Secs. 8-37A-1 to 8-37A-6, inclusive, added; Sec. 8-37-2 am'd.

Description

This bill would relate to credit financing of the sale or lease of motor vehicles. This bill would further define a guaranteed asset protection waiver or GAP waiver to include excess wear and use waivers in consumer lease agreements. This bill would also authorize the sale of motor vehicle value protection agreements to reduce deficiency balances relating to motor vehicle credit financing agreements.

Relating to the credit financing of the sale or lease of motor vehicles; to amend Section 8-37-2 of the Code of Alabama 1975; to further define a guaranteed asset protection waiver or GAP waiver to include excess wear and use waivers in consumer lease agreements; and to add Chapter 37A to Title 8 of the Code of Alabama 1975, to authorize providers to sell motor vehicle value protection agreements to reduce motor vehicle credit financing agreement deficiency balances under certain conditions.

Subjects

Motor Vehicles

Bill Actions

Action Date	Chamber	Action
March 16, 2022	S	Assigned Act No. 2022-179.
March 16, 2022	S	Enrolled
March 16, 2022	H	Signature Requested
March 14, 2022	S	Passed Second House
March 14, 2022	H	Motion to Read a Third Time and Pass adopted Roll Call 623
March 14, 2022	H	Third Reading Passed
February 15, 2022	H	Read for the second time and placed on the calendar
February 1, 2022	H	Read for the first time and referred to the House of Representatives committee on Financial Services
February 1, 2022	S	Engrossed
January 31, 2022	S	Motion to Read a Third Time and Pass adopted Roll Call 47
January 31, 2022	S	Whatley motion to Adopt adopted Roll Call 46
January 31, 2022	S	Whatley Amendment Offered
January 31, 2022	S	Third Reading Passed
January 17, 2022	S	Read for the second time and placed on the calendar
January 10, 2022	S	Read for the first time and referred to the Senate committee on Judiciary