SB 1110 Requires those who contract to receive repossessed vehicles to deliver surety bonds
Sponsor: Barnitz
LR Number: 4766S.01I Fiscal Note: 4766-01
Committee: Financial & Governmental Organizations and Elections
Last Action: 3/27/2006 - Hearing Conducted S Financial & Governmental Organizations and Elections Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2006

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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