SB15 Alabama 2023 Session

Updated Apr 17, 2023

Senate Bill

Enacted

Current Status

Regular Session 2023

Session

Sponsor

Summary

Primary Sponsor: Shay Shelnutt Senator
Republican
Session: Regular Session 2023
Title: Relating to consumer credit financing in the sale or lease of motor vehicles; to amend Section 8-37A-4 of the Co
Description: Under existing law, motor vehicle value protection agreements are authorized in motor vehicle consumer credit financing transactions to pay deficiency balances due under certain conditions.
Under existing law, the provider of a motor vehicle value protection agreement is required to insure its agreement under an insurance policy or meet certain other financial requirements.
This bill would clarify that the insurance policy would be for the purpose of paying or reimbursing obligations under a motor vehicle value protection agreement in the event the provider fails to perform the obligations.
Subjects: Motor vehicle value protection agreements, insurance policy of provider required to insure payments of obligations of provider