HB 2109

  • Virginia House Bill
  • 2019 Regular Session
  • Introduced in House Jan 08, 2019
  • Passed House Jan 21, 2019
  • Senate
  • Signed by Governor Mar 25, 2019

Guaranteed asset protection waivers; establishes requirements for offering waivers, etc.

Bill Subjects

Insurance

Abstract

Establishes requirements for offering guaranteed asset protection (GAP) waivers, which are agreements, entered into as a part of or addendum to a motor vehicle financing agreement, under which the creditor agrees for a separate charge to waive or cancel amounts due on the finance agreement if the financed motor vehicle is totally damaged or stolen. The measure requires the creditor to insure its GAP waiver obligations; prohibits a creditor from conditioning an extension or term of credit on the purchase of a GAP waiver; requires a GAP waiver to include disclosures regarding the cancellation of the GAP waiver during a free look period; and establishes requirements and restrictions for the cancellation of GAP waivers, including refund provisions. The measure provides that GAP waivers are not insurance and are exempt from Virginia's insurance laws. This bill is identical to

Bill Sponsors (2)

Votes


Actions


Mar 25, 2019

Office of the Governor

Approved by Governor-Chapter 799 (effective 7/1/19)

Feb 28, 2019

Office of the Governor

Governor's Action Deadline Midnight, March 26, 2019

House

Enrolled Bill communicated to Governor on February 28, 2019

Feb 21, 2019

House

Enrolled

Senate

Signed by President

House

Signed by Speaker

Feb 18, 2019

House

Senate amendment agreed to by House (98-Y 0-N)

House

Placed on Calendar

Feb 14, 2019

Senate

Reading of amendment waived

Senate

Read third time

Senate

Committee amendment agreed to

Senate

Engrossed by Senate as amended

Jan 22, 2019

Senate

Referred to Committee on Commerce and Labor

Senate

Constitutional reading dispensed

Jan 21, 2019

House

Read third time and passed House BLOCK VOTE (97-Y 0-N)

Jan 18, 2019

House

Read second time

House

Engrossed by House - committee substitute HB2109H1

House

Committee substitute agreed to 19104769D-H1

Jan 17, 2019

House

Read first time

Jan 08, 2019

House

Prefiled and ordered printed; offered 01/09/19 19103693D

House

Referred to Committee on Commerce and Labor

Bill Text

Bill Text Versions Format
Senate amendments engrossed HTML
House: Prefiled and ordered printed; offered 01/09/19 19103693D HTML
House: Committee substitute printed 19104769D-H1 HTML
House: Bill text as passed House and Senate (HB2109ER) HTML
Governor: Acts of Assembly Chapter text (CHAP0799) HTML

Related Documents

Document Format
No related documents.

Sources

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