IL HB3156 | 2019-2020 | 101st General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on February 15 2019 - 25% progression, died in committee
Action: 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Guaranteed Asset Protection Waiver Act. Establishes standards to regulate persons offering guaranteed asset protection waivers. Defines "guaranteed asset protection waiver" as a contractual agreement that is part of, or a separate addendum to, a finance agreement wherein a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle. Contains provisions concerning requirements for offering guaranteed asset protection waivers, contractual liability or other insurance policies insuring guaranteed asset protection waivers, disclosures, cancellation of agreements, exemptions, and enforcement. Amends the Illinois Insurance Code to exempt guaranteed asset protection waivers from regulation as insurance.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

ASSET PROTECTION WAIVERS

Sponsors


History

DateChamberAction
2019-04-12HouseRule 19(a) / Re-referred to Rules Committee
2019-04-10HouseHeld on Calendar Order of Second Reading - Short Debate
2019-04-10HouseSecond Reading - Short Debate
2019-04-10HouseAdded Chief Co-Sponsor Rep. Michael P. McAuliffe
2019-04-04HouseAdded Co-Sponsor Rep. Kelly M. Burke
2019-03-29HousePlaced on Calendar 2nd Reading - Short Debate
2019-03-26HouseDo Pass / Short Debate Financial Institutions Committee; 013-000-000
2019-03-05HouseAssigned to Financial Institutions Committee
2019-02-15HouseReferred to Rules Committee
2019-02-15HouseFirst Reading
2019-02-15HouseFiled with the Clerk by Rep. Anthony DeLuca

Code Citations

ChapterArticleSectionCitation TypeStatute Text
21552.5Amended CodeCitation Text

Illinois State Sources


Bill Comments

feedback