2009 House Bill 4989 ↩

Senate Roll Call 735: Passed

To impose new regulations on vehicle loan "guaranteed asset protection waivers," where a borrower pays extra for the lender to cancel or waive the amount owed on a car loan if the vehicle is wrecked or stolen. Among other things the bill would mandate a 30 day right of rescission if a buyer changes his or her mind; a requirement that the lender cover the potential liability with an insurance policy; a prohibition on making the purchase of a waiver contract a condition of the loan; and certain specified disclosures to the buyer.