An Act To
Maine Legislature, Session 128, LD 1506
Committee Amendment CA_A_S142 (Senate)

COMMITTEE AMENDMENT" A_,, to S.P. 531, L.D. 1506, Bill, "An Act To 
Amend the Usage and Consumer Protections of Guaranteed Asset Protection Waivers" 
Amend the bill in section 1 in § 1500-H in subsection 1 by striking out all of 
paragraph J (page 2, line 3 in L.D.) and inserting the following: 
'J. 
"Superintendent" means, except in cases in which a financial institution 
authorized to do business in this State, as defined in Title 9-B, section 131, subsection 
17-A, is the creditor, the Superintendent of Consumer Credit Protection. In cases in 
which a financial institution authorized to do business in this State is the creditor, 
"superintendent" means the Superintendent of Financial Institutions.' 
Amend the bill in section 1 in § 1500-H in subsection 3 in the first line (page 2, line 
in L.D.) by striking out the following: "policies" and inserting the following: 'policy' 
Amend the bill in section 1 in §1500-H in subsection 3 in the 2nd line (page 2, line 38 
in L.D.) by striking out the following: "policies" and inserting the following: 'policy' 
Amend the bill in section 1 in §1500-H in subsection 3 in paragraph C in the 2nd and 
3rd lines (page 3, line 7 and 8 in L.D.) by striking out the following: "terminated in 
compliance with applicable insurance laws of this State" and inserting the following: 
'nonrenewed as provided in Title.24-A' 
Amend the bill in section 1 in §1500-H in subsection 3 in paragraph Din the first line 
(page 3, line 9 in L.D.) by striking out the following: "termination" and inserting the 
following: 'nonrenewal' 
Amend the bill in section 1 in § 1500-H in subsection 3 in paragraph D in the 3rd line 
(page 3, line 11 in L.D.) by striking out the following: "termination" and inserting the 
following: 'nonrenewal' 
Amend the bill in section 1 in§ 1500-H in subsection 5 in paragraph A in the first line 
(page 4, line 1 in L.D.) by striking out the following: 
"may be cancellable or 
noncancellable" and inserting the following: 'must be cancellable' 
COMMITTEE AMENDMENT 
A. ri S. 
COMMITTEE AMENDMENT"A"to S.P. 531, L.D. 1506 
Amend the bill in section 1 in § 1500-H in subsection 5 in paragraph B in the 3rd line 
(page 4, line 7 in L.D.) by inserting after the following: "entitled to a" the following: 
'pro rata' 
Amend the bill in section 1 in § 1500-H in subsection 5 in paragraph B in the 4th line 
(page 4, line 8 in L.D.) by striking out the following: 
"unless the waiver provides 
otherwise" 
Amend the bill in section 1 in § 1500-H in subsection 6 in the blocked paragraph in 
the 2nd line (page 4, line 27 in L.D.) by inserting after the following: "in this State." the 
following: 
'In cases in which a financial institution authorized to do business in this 
State, as defined in Title 9-B, section 131, subsection 17-A, is a creditor, the 
Superintendent of Financial Institutions is responsible for enforcement.' 
Amend the bill in section 1 in§ 1500-H in subsection 7 in paragraph A by striking out 
all of subparagraph (1) (page 4, lines 40 and 41 in L.D.) and inserting the following: 
1(1) An insurance policy or a guaranteed asset protection insurance policy offered 
by an insurer under Title 24-A; or' 
Amend the bill in section 1 in § 1500-H in subsection 7 in paragraph A in 
subparagraph (2) in the first line (page 5, line 1 in L.D.) by inserting after the following: 
"contract offered" the following: 'by a financial institution authorized to do business in 
this State, as defined in Title 9-B, section 131. subsection 17-A,' 
Amend the bill in section 1 in § 1500-H in subsection 7 in paragraph C in the first 2 
lines (page 5, lines 7 and 8 in L.D.) by striking out the following: "the insurance laws of 
this State" and inserting the following: 'Title 24-A' 
SUMMARY 
This amendment makes the following changes to the bill. 
1. It clarifies that guaranteed asset protection waivers must include a cancellation 
provision and ensures that consumers are entitled to pro rata refunds upon cancellation. 
2. It includes specific references to the Maine Revised Statutes, Title 24-A. 
3. 
It clarifies that the Superintendent of Financial Institutions is the regulator in 
relation to state-chartered banks and credit unions. 
4. It makes technical changes to use terminology consistent with current law. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 05/21/17 feac 
LD 1506 
LR 1806(02) 
An Act To Amend the Usage and Consumer Protections of Guaranteed Asset Protection Waivers 
Fiscal Note for Bill as Amended by Committee Amendment '~ ( S · ) LI~ 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - General Fund 
Minor revenue increase - Gen.eral Fund 
Minor cost increase - Other Special Revenue Funds 
Correctional and Judicial Impact Statements 
Increases the number of civil suits. 
The collection of additional filing fees may also increase General Fund revenue by minor amounts. 
Fiscal Detail and Notes 
A11y additional costs to the Department of Professional and Financial Regulation to adopt the changes in this bill are 
expected to be minor and can be absorbed within existing budgeted resources. 
LRl 806(02) - Fiscal Note - Page 1 of 1