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GA HB849
Bill
Status
Engrossed
2/11/2014
Primary Sponsor
Howard Maxwell
Click for details
AI Summary
- Amends Chapter 63 of Title 33 of the Official Code of Georgia Annotated to add "excess wear and use waivers" alongside guaranteed asset protection (GAP) waivers, declaring both are not insurance and are exempt from state insurance laws and licensing requirements
- Defines "excess wear and use waiver" as a contractual agreement where a creditor agrees, for a separate charge, to cancel or waive all or part of excess wear and use charges owed by a borrower when returning a leased vehicle at lease termination
- Requires waivers to include written disclosures covering purchase price, terms, cancellation rights, refund procedures, and a free look period of at least 30 days during which borrowers may cancel without penalty for a full refund
- Prohibits conditioning the extension of credit or terms of a motor vehicle sale or lease upon the purchase of a waiver
- Authorizes the Commissioner of Insurance to enforce the chapter through cease and desist orders and penalties of up to $500 per violation and $10,000 in aggregate for all violations of a similar nature
Legislative Description
Insurance; excess wear and use waivers shall not be construed as insurance; provide
Last Action
Senate Read Second Time
3/10/2014
Full Bill Text
No bill text available