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).