Bill Title: 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.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB3156 Detail]

Text: Latest bill text (Introduced) [HTML]

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