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NC S270
Bill
AI Summary
- Prohibits credit property insurance policies from including coverage for repossession costs
- Bans skip, confiscation, and conversion coverage, which applies when a borrower sells, trades, or disposes 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
- Bars coverage broader than minimum insurance requirements specified in existing law
- Allows insurers to offer these prohibited coverages through separate policies or endorsements, provided no charge is passed to the borrower
Legislative Description
Credit Property Insurance Restrictions.-AB
Public
Last Action
Ref To Com On Rules and Operations of the Senate
3/13/2025
Committee Referrals
Rules and Operations of the Senate3/13/2025
Full Bill Text
No bill text available