Bill Summary

HB 605 Asset Protection Products (2024 Session)
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Sponsors
by Tramont  CS Sponsors: Commerce Committee, Insurance & Banking Subcommittee
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Summary
Asset Protection Products: Specifies requirement regarding amount charged or financed for vehicle value protection agreement; specifies financial security requirements for providers; requires vehicle value protection agreements to include certain written disclosures in clear & understandable language & state terms, restrictions, or conditions governing cancellation; defines "excess wear & use waiver"; authorizes retail lessee to contract with retail lessor for an excess wear & use waiver; prohibits conditioning terms of consumer's motor vehicle lease on his or her payment for any excess wear & use waiver; requires certain disclosures for lease agreement that includes an excess wear & use waiver. Effective Date: October 1, 2024
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committees of reference
   H Insurance & Banking Subcommittee
   H State Administration & Technology Appropriations Subcommittee
   H Commerce Committee
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Actions
11/21/23
HOUSE 
Filed
11/30/23
HOUSE 
Referred to Insurance & Banking Subcommittee; State Administration & Technology Appropriations Subcommittee; Commerce Committee
11/30/23
HOUSE 
Now in Insurance & Banking Subcommittee
01/16/24
HOUSE 
On Committee agenda - Insurance & Banking Subcommittee, 01/18/24, 9:00 am, 17 H
01/18/24
HOUSE 
Favorable with CS by Insurance & Banking Subcommittee; 18 Yeas, 0 Nays
01/19/24
HOUSE 
Committee Substitute Text (C1) Filed
01/22/24
HOUSE 
Now in State Administration & Technology Appropriations Subcommittee
02/02/24
HOUSE 
On Committee agenda - State Administration & Technology Appropriations Subcommittee, 02/06/24, 11:30 am, 212 K
02/06/24
HOUSE 
Favorable by State Administration & Technology Appropriations Subcommittee; 12 Yeas, 0 Nays
02/06/24
HOUSE 
Now in Commerce Committee
02/13/24
HOUSE 
On Committee agenda - Commerce Committee, 02/15/24, 9:00 am, 212 K
02/15/24
HOUSE 
Favorable with CS by Commerce Committee; 18 Yeas, 0 Nays
02/16/24
HOUSE 
Committee Substitute Text (C2) Filed
02/19/24
HOUSE 
Placed on Calendar, on 2nd reading
03/04/24
HOUSE 
Laid on Table
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bill text & filed amendments
0605
Filed on 11/21/23
PDF
Amendment 365049
Tramont
Filed on 01/17/24
Adopted
PDF
0605C1
Filed on 01/19/24
PDF
Amendment 183989
Tramont
Filed on 02/14/24
Adopted
PDF
0605C2
Filed on 02/16/24
PDF
No amendments to this bill text filed.
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Statute Citations
520.02
520.07
520.151
520.152
520.153
520.154
520.155
520.156
520.157
Research & Reports
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