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]
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.
Title
ASSET PROTECTION WAIVERS
Sponsors
History
Date | Chamber | Action |
---|---|---|
2019-04-12 | House | Rule 19(a) / Re-referred to Rules Committee |
2019-04-10 | House | Held on Calendar Order of Second Reading - Short Debate |
2019-04-10 | House | Second Reading - Short Debate |
2019-04-10 | House | Added Chief Co-Sponsor Rep. Michael P. McAuliffe |
2019-04-04 | House | Added Co-Sponsor Rep. Kelly M. Burke |
2019-03-29 | House | Placed on Calendar 2nd Reading - Short Debate |
2019-03-26 | House | Do Pass / Short Debate Financial Institutions Committee; 013-000-000 |
2019-03-05 | House | Assigned to Financial Institutions Committee |
2019-02-15 | House | Referred to Rules Committee |
2019-02-15 | House | First Reading |
2019-02-15 | House | Filed with the Clerk by Rep. Anthony DeLuca |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
215 | 5 | 2.5 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3156&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
Text | https://www.ilga.gov/legislation/101/HB/10100HB3156.htm |