Bills › 90th General Assembly
SSB 1020
Where it is now
- Done: IntroducedJanuary 10, 2023
- Done: SubcommitteeJanuary 11, 2023
- Done: Senate committeeJanuary 25, 2023
- Skipped: Passes the SenateContinued as SF 131
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Became SF 131 → Its progress continues under the new number. Go to SF 131 What’s a funnel?
What’s in it
AI summary When a person 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 a refund for their extra debt protection coverage. If a refund is owed, the dealer must send that money to the customer.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. 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