SB 1202 Allows lenders to charge for home and auto security plans
Sponsor: Crowell
LR Number: 5334S.01I Fiscal Note: 5334-01
Committee: Financial & Governmental Organizations and Elections
Last Action: 3/31/2008 - SCS Voted Do Pass S Financial & Governmental Organizations and Elections Committee (5334S.02C) Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2008

Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2008 Senate Bills

Current Bill Summary


SCS/SB 1202 - This act allows lending institutions to sell, charge a fee for, or finance as part of a loan, home and automobile security plans. These plans provide certain services relating to protection against home or auto emergencies and accidents.

Lenders may not require the purchase of the plan as a condition for approval of the loan. Purchasers of the plans shall be entitled to cancel the transaction and receive a refund within 30 days of the purchase. Purchasers of the plans must provide written acknowledgment of their intent to purchase the plans.

This act is similar to SB 466 (2008).

CHRIS HOGERTY