Source: https://www.richmondsunlight.com/bill/2019/hb2109/fulltext/
Timestamp: 2020-02-29 00:28:44
Document Index: 300930883

Matched Legal Cases: ['§ 38', '§ 1601', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38', '§ 1601', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38']

HB2109ER
HB2109H1
VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to amend the Code of Virginia by adding in Title 38.2 a chapter numbered 64, consisting of sections numbered 38.2-6400 through 38.2-6407, relating to guaranteed asset protection waivers. [H 2109] Approved
§ 38.2-6401. Requirements for offering guaranteed asset protection waivers.
C. Notwithstanding any other provision of law, any cost to the borrower for a GAP waiver entered into in compliance with the federal Truth in Lending Act, 15 U.S.C. § 1601 et seq., and its implementing regulations, as they may be amended from time to time, shall be separately stated and shall not be considered a finance charge or interest.
D. A retail seller shall insure its GAP waiver obligations under a contractual liability or other insurance policy issued by an insurer. A creditor, other than a retail seller, may insure its GAP waiver obligations under a contractual liability policy or other policy issued by an insurer as provided in § 38.2-6402. Any such insurance policy may be directly obtained by a creditor or retail seller or may be procured by an administrator to cover a creditor's or retail seller's obligations. However, retail sellers that are lessors on motor vehicles are not required to insure obligations related to GAP waivers on the leased vehicles.
§ 38.2-6402. Contractual liability or other insurance policies.
§ 38.2-6403. Disclosures.
§ 38.2-6404. Cancellation.
§ 38.2-6405. Commercial transactions.
Subsection C of § 38.2-6401 and § 38.2-6403 do not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.
§ 38.2-6406. GAP waivers not insurance.
HOUSE BILL NO. 2109 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Commerce and Labor on January 15, 2019) (Patron Prior to Substitute--Delegate O'Quinn) A BILL to amend the Code of Virginia by adding in Title 38.2 a chapter numbered 64, consisting of sections numbered 38.2-6400 through 38.2-6407, relating to guaranteed asset protection waivers.
C. Notwithstanding any other provision of law, any cost to the borrower for a GAP waiver entered into in compliance with the federal Truth in Lending Act, 15 U.S.C. § 1601 et seq., and its implementing regulations, as they may be amended from time to time, shall be separately stated and shall not to be considered a finance charge or interest.
HOUSE BILL NO. 2109 Offered January 9, 2019 Prefiled January 8, 2019 A BILL to amend the Code of Virginia by adding in Title 38.2 a chapter numbered 64, consisting of sections numbered 38.2-6400 through 38.2-6408, relating to guaranteed asset protection waivers.
Subsection C of § 38.2-6401 and §§ 38.2-6403 and 38.2-6406 do not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.
§ 38.2-6406. Enforcement.
§ 38.2-6407. GAP waivers not insurance.
§ 38.2-6408. Exemptions from chapter.