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AL HB99

Bill

Status

Introduced

1/9/2018

Primary Sponsor

James Martin

Click for details

Origin

House of Representatives

Regular Session 2018

AI Summary

HB99 Summary

  • Amends Section 8-37-6 of the Alabama Code to extend the refund timeline for guaranteed asset protection (GAP) waivers from 60 days to 120 days following early termination of a finance agreement.

  • Requires creditors or administrators/retail sellers of motor vehicles to provide any refund due to borrowers within 120 days of termination without requiring the borrower to request cancellation of the waiver.

  • Maintains existing provisions allowing cancellation refunds to be applied as a reduction to the finance agreement balance unless the borrower demonstrates the agreement has been paid in full.

  • Becomes effective on the first day of the third month following passage and approval by the Governor.

Legislative Description

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

Motor Vehicles

Last Action

Farley intended to vote "Nay"

2/22/2018

Committee Referrals

Financial Services1/9/2018

Full Bill Text

No bill text available