HB 23-1181 CO

0likes☆Favorite🔕SubscribeShare

Became Law

The act establishes requirements regarding guaranteed asset protection agreements (GAP agreement). A GAP agreement relieves a consumer of liability for all or part of the deficiency balance remaining after the payment of all insurance proceeds upon the total loss of the consumer's motor vehicle. The act permits a creditor to collect additional charges for a GAP agreement as part of a consumer credit transaction. The act sets forth requirements related to GAP agreements, including: Setting conditions and provisions that must be a part of any GAP agreement in order for it to be valid; Establishing the method by which the deficiency balance is calculated and what the consumer will be owed pursuant to the GAP agreement in the event of a total loss; Detailing procedures for when a consumer files a claim under the consumer's GAP agreement after a total loss; Establishing procedures and methods for the cancellation or assignment of a GAP agreement; Establishing the maximum fee that may be charged for a GAP agreement, which must not exceed 4% of the total amount financed in the consumer credit transaction or $600, whichever amount is greater; and Prohibiting the sale of a GAP agreement in specified circumstances, such as when the loan to value ratio in the GAP agreement exceeds 150%. APPROVED by Governor June 7, 2023 EFFECTIVE January 1, 2024 NOTE: This act was passed without a safety clause. (Note: This summary applies to this bill as enacted.)

• Tisha Mauro Democratic · primary
• Nick Hinrichsen Democratic · primary
• Kyle Mullica Democratic · primary

1. Jun 7, 2023 Governor Signed · executive
2. May 22, 2023 Sent to the Governor · executive
3. May 22, 2023 Signed by the President of the Senate · upper
4. May 22, 2023 Signed by the Speaker of the House · lower
5. May 7, 2023 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 2, 2023 House Considered Senate Amendments - Result was to Laid Over Daily · lower
7. May 1, 2023 Senate Third Reading Passed - No Amendments · upper
8. Apr 28, 2023 Senate Second Reading Special Order - Passed with Amendments - Committee, Floor · upper
9. Apr 27, 2023 Senate Committee on Business, Labor, & Technology Refer Amended to Senate Committee of the Whole · upper
10. Apr 13, 2023 Senate Committee on Business, Labor, & Technology Witness Testimony and/or Committee Discussion Only · upper
11. Mar 27, 2023 Introduced In Senate - Assigned to Business, Labor, & Technology · upper
12. Mar 23, 2023 House Third Reading Passed - No Amendments · lower
13. Mar 22, 2023 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
14. Mar 20, 2023 House Second Reading Laid Over Daily - No Amendments · lower
15. Mar 15, 2023 House Committee on Business Affairs & Labor Refer Amended to House Committee of the Whole · lower
16. Feb 8, 2023 Introduced In House - Assigned to Business Affairs & Labor · lower