Bills › 90th General Assembly
Relating to refund payments made in connection with motor vehicle debt cancellation coverage
Sponsored by the House Commerce Committee
Topics:Business & economyInsurance
Where it is now
- Done: IntroducedJanuary 17, 2023
- Done: SubcommitteeJanuary 17, 2023
- Done: House committeeJanuary 24, 2023
- Done: Passes the HouseFebruary 1, 202399–0
- Skipped: Senate committeeSkipped
- Done: Passes the SenateFebruary 15, 202348–0
- Done: To the GovernorMarch 22, 2023
- Done: Signed into lawMarch 22, 2023
Signed into law What’s a funnel?
What’s in it
AI summary When someone pays off their car loan early, the bank only has to tell the car dealer that the loan is finished. The dealer is then responsible for checking if the customer is owed money back for their extra debt protection and sending that refund.1
Read the official explanation
This bill relates to motor vehicle debt cancellation coverage refunds. The bill provides that the only obligation that a financial institution which purchases retail installment contracts with voluntary debt cancellation coverage has upon prepayment in full is to notify the relevant motor vehicle dealer within days of a payment in full of an installment contract. The dealer shall determine whether the consumer is entitled to a refund of voluntary debt cancellation coverage and issue the refund within days of notice.
House subcommittee
Named January 17, 2023 (as HSB 32). On January 18, 2023 it recommended passage. Vote Total: 3-0.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
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90th General Assembly