Bills › 90th General Assembly
Relating to refund payments made in connection with motor vehicle debt cancellation coverage
Sponsored by the Senate Commerce Committee
Topics:Business & economyInsurance
Where it is now
- Done: IntroducedJanuary 10, 2023
- Done: SubcommitteeJanuary 11, 2023
- Done: Senate committeeJanuary 25, 2023
- Done: Passes the SenateFebruary 15, 202348–0
- Skipped: House committeeSkipped
- Done: Passes the HouseFebruary 1, 202399–0
- Done: To the GovernorMarch 22, 2023
- Done: Signed into lawMarch 22, 2023
HF 133 became law → The same legislation passed as HF 133, so this version was set aside. Go to HF 133 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 to them.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.
Senate subcommittee
Named January 11, 2023 (as SSB 1020). On January 17, 2023 it recommended passage. [].
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