VA SB1325 | 2019 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 25 2019 - 100% progression
Action: 2019-03-25 - Governor: Acts of Assembly Chapter text (CHAP0800)
Text: Latest bill text (Chaptered) [HTML]

Summary

Guaranteed asset protection waivers. Establishes requirements for offering guaranteed asset protection (GAP) waivers, which are agreements, entered into as a part of or addendum to a motor vehicle financing agreement, under which the creditor agrees for a separate charge to waive or cancel amounts due on the finance agreement if the financed motor vehicle is totally damaged or stolen. The measure requires the creditor to insure its GAP waiver obligations; prohibits a creditor from conditioning an extension or term of credit on the purchase of a GAP waiver; requires a GAP waiver to include disclosures regarding the cancellation of the GAP waiver during a free look period; and establishes requirements and restrictions for the cancellation of GAP waivers, including refund provisions. The measure provides that GAP waivers are not insurance and are exempt from Virginia's insurance laws. This bill is identical to HB 2109.

Tracking Information

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Title

Guaranteed asset protection waivers; establishes requirements for offering waivers, etc.

Sponsors


Roll Calls

2019-02-13 - House - House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (Y: 98 N: 0 NV: 1 Abs: 0) [PASS]
2019-02-12 - House - House: Reported from Commerce and Labor (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-25 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-25 - Senate - Senate: Reconsideration of passage agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-25 - Senate - Senate: Read third time and passed Senate (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2019-01-23 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2019-01-21 - Senate - Senate: Reported from Commerce and Labor with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2019-03-25 Governor: Acts of Assembly Chapter text (CHAP0800)
2019-03-25 Governor: Approved by Governor-Chapter 800 (effective 7/1/19)
2019-02-20 Governor: Governor's Action Deadline Midnight, March 26, 2019
2019-02-20SenateEnrolled Bill Communicated to Governor on February 20, 2019
2019-02-19SenateSigned by President
2019-02-18HouseSigned by Speaker
2019-02-18SenateBill text as passed Senate and House (SB1325ER)
2019-02-18SenateEnrolled
2019-02-13HouseVOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
2019-02-13HousePassed House BLOCK VOTE (98-Y 0-N)
2019-02-13HouseRead third time
2019-02-12HouseRead second time
2019-02-12HouseReported from Commerce and Labor (22-Y 0-N)
2019-01-29HouseReferred to Committee on Commerce and Labor
2019-01-29HouseRead first time
2019-01-29HousePlaced on Calendar
2019-01-25SenatePassed Senate (40-Y 0-N)
2019-01-25SenateReconsideration of passage agreed to by Senate (40-Y 0-N)
2019-01-25SenateRead third time and passed Senate (39-Y 0-N)
2019-01-24SenateEngrossed by Senate - committee substitute SB1325S1
2019-01-24SenateCommittee substitute agreed to 19105055D-S1
2019-01-24SenateReading of substitute waived
2019-01-24SenateRead second time
2019-01-23SenateConstitutional reading dispensed (39-Y 0-N)
2019-01-21SenateCommittee substitute printed 19105055D-S1
2019-01-21SenateReported from Commerce and Labor with substitute (15-Y 0-N)
2019-01-07SenateReferred to Committee on Commerce and Labor
2019-01-07SenatePrefiled and ordered printed; offered 01/09/19 19103836D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3826400(n/a)See Bill Text
3826408(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+sum+SB1325
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1325+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1325S1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1325ER+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+CHAP0800+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S02V0056+SB1325
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0151SB1325+SB1325
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0178SB1325+SB1325
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0179SB1325+SB1325
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0180SB1325+SB1325
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H14V0154+SB1325
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+HV2711+SB1325

Bill Comments

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