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MS HB1168
Bill
Status
Failed
2/3/2026
Primary Sponsor
Kevin Ford
Click for details
AI Summary
- Establishes vehicle value protection agreements as contractual products that provide benefits toward reducing finance agreement deficiency balances or purchasing replacement vehicles after adverse events like total loss or theft
- Declares these agreements are not insurance and exempts them from insurance premium taxes, rate approval, and form filing requirements
- Requires providers to ensure financial responsibility through one of three methods: reimbursement insurance from an authorized insurer, maintaining a funded reserve of at least 40% of gross consideration received, or maintaining net worth of at least $100 million
- Mandates a minimum 30-day free look period for cancellation without penalty and prohibits conditioning vehicle sales or credit extensions on purchasing these agreements
- Authorizes the Mississippi Commissioner of Insurance to examine providers, enforce compliance, issue cease and desist orders, and impose civil penalties up to $10,000 per violation, effective July 1, 2026
Legislative Description
Vehicle value protection agreements; define and provide regulatory framework for.
Last Action
Died In Committee
2/3/2026
Committee Referrals
Insurance1/19/2026
Full Bill Text
No bill text available