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AL HB99
Bill
Status
1/9/2018
Primary Sponsor
James Martin
Click for details
AI Summary
HB99 Summary
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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.
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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.
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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.
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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