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GA SB412
Bill
Status
Engrossed
3/12/2020
Primary Sponsor
Randy Robertson
Click for details
AI Summary
- Expands the definition of property insurance under Georgia Code Section 33-7-6 to include additional motor vehicle coverage types, such as wheel repair/replacement from road hazards, key/key fob repair or replacement, and lease-end excess wear and use coverage (capped at the vehicle's purchase price)
- Establishes a holder cancellation right providing a full refund minus claims paid if canceled within 20 days of mailing or 10 days of delivery at the time of sale, with a 10% per month penalty for refunds not paid or credited within 45 days
- Creates a post-cancellation-period right allowing holders to cancel at any time and receive 100% of the unearned pro rata purchase price, less claims paid, with issuers permitted to charge an administrative fee not exceeding 10% of the unearned pro rata price
- Restricts issuer cancellation of regulated contracts to cases of fraud, material misrepresentation, or nonpayment, requiring at least 30 days' written notice stating the reason and effective date, with a refund of 100% of the unearned pro rata purchase price less claims paid
- Extends the manufacturer exemption from property insurance regulation to include subsidiaries or affiliates of the motor vehicle manufacturer
Legislative Description
Property Insurance; meaning; revise; parameters under which certain contracts, agreements, or instruments may be canceled; change
Last Action
House Second Readers
6/15/2020
Full Bill Text
No bill text available