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NC H347

Bill

Official Source

Status

Introduced

3/10/2025

Primary Sponsor

Chris Humphrey

Click for details

Origin

House of Representatives

2025-2026 Session

AI Summary

  • Prohibits credit property insurance policies from including coverage for automobile repossession costs
  • Bans "skip, confiscation, and conversion coverage," which protects lenders when borrowers sell, trade, or dispose of collateral, or when the borrower and collateral cannot be located
  • Prohibits coverage that requires a borrower's insurance deductible to be less than $250.00
  • Bans coverage broader than the minimum insurance requirements specified in existing state law
  • Allows insurers to offer these prohibited coverages through separate policies or endorsements, provided no charges are passed to the borrower

Legislative Description

Credit Property Insurance Restrictions.-AB

Public

Last Action

Serial Referral To Finance Stricken

4/17/2025

Committee Referrals

Insurance3/11/2025

Full Bill Text

No bill text available