SB 1110 – Requires those who contract to receive repossessed vehicles to deliver surety bonds

• Sponsor: Barnitz
• LR Number: 4766S.01I
• Committee: Financial & Governmental Organizations and Elections
• Last Action: 3/27/2006 - Hearing Conducted S Financial & Governmental Organizations and Elections Committee
• Effective Date: August 28, 2006

Current Bill Summary

SB 1110 - Before entering into any nonprepayment vehicle repossession contract, the party contracting to receive delivery of the vehicle shall file a bond with the attorney general in the amount of $25,000 to secure faithful performance of the contract. The Attorney General has the authority to demand additional bond if the original appears inadequate, insecure, exhausted, or otherwise doubtful.

CHRIS HOGERTY