HB420 Alabama 2017 Session
Bill Summary
Under existing law, guaranteed asset protection waivers are not regulated. The term generally refers to an agreement or contract related to the financing of motor vehicles which protect the borrower for the balance due on a loan when the motor vehicle is totalled or stolen and the casualty insurance payment or other payments are not sufficient to cover the total loan balance
This bill would specifically authorize guaranteed asset protection waivers and regulate the transactions. The Superintendent of Banks would be granted authority to assess a civil penalty for violations
To specifically authorize and regulate guaranteed asset protection waivers related to motor vehicle loans; to define terms; to provide for enforcement and civil penalties by the Superintendent of Banks; and for this purpose to add Chapter 37 to Title 8, Code of Alabama 1975.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 17, 2017 | H | Delivered to Governor at 8:39 p.m. on May 17, 2017. |
| May 17, 2017 | H | Assigned Act No. 2017-392. |
| May 17, 2017 | H | Clerk of the House Certification |
| May 17, 2017 | S | Signature Requested |
| May 17, 2017 | H | Enrolled |
| May 17, 2017 | H | Passed Second House |
| May 17, 2017 | S | Motion to Read a Third Time and Pass adopted Roll Call 1206 |
| May 17, 2017 | S | Third Reading Passed |
| May 3, 2017 | S | Read for the second time and placed on the calendar |
| April 27, 2017 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
| April 25, 2017 | H | Engrossed |
| April 25, 2017 | H | Motion to Read a Third Time and Pass adopted Roll Call 615 |
| April 25, 2017 | H | Motion to Adopt adopted Roll Call 614 |
| April 25, 2017 | H | Financial Services Amendment Offered |
| April 25, 2017 | H | Third Reading Passed |
| April 6, 2017 | H | Read for the second time and placed on the calendar 1 amendment |
| March 16, 2017 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | May 3, 2017 | Room 320 **BILLS & PH ADDED** at 09:00 | Senate B&I Hearing |
| Hearing | May 3, 2017 | Room 320 at 09:00 | Senate B&I Hearing |
| Hearing | April 5, 2017 | Room 428 at 00:00 | House FS Hearing |
| Hearing | April 5, 2017 | Room 428 at 09:00 | House FS Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB420 Alabama 2017 Session - Introduced |
| Bill Amendments | House Financial Services first Amendment Offered |