Mike Weissman voted Yea (Concurrence Vote) on this Legislation.
Title: Restructures Regulation of Guaranteed Asset Protection Agreements
Signed by Governor Jared Polis
Title: Restructures Regulation of Guaranteed Asset Protection Agreements
A vote to concur with senate amendments and pass a bill that restructures regulations of guaranteed asset protection agreements.
Specifies that a creditor may charge for debt cancellation contracts and guaranteed asset protection agreements (Sec. 1).
Defines several financial agreement terms related to guaranteed asset protection agreements (Sec. 3).
Specifies that this act applies to every creditor in the state of Colorado (Sec. 3).
Authorizes a creditor to sell, offer, provide, and administer a Guaranteed Asset Protection agreement if they meet certain requirements (Sec. 3).
Specifies that a Guaranteed asset protection agreement may be allowed if they agree to the conditions (Sec. 3):
A written notice must be delivered on how the consumer is not required to purchase a GAP agreement and other details;
The consumer is provided is provided with a means to cancel the agreements;
Provision of a written agreement for the purchase of GAP agreement if one is purchased;
Details of the GAP agreement if purchased
Specifies that the fee for a GAP agreement may not exceed $600 (Sec. 3).
Requires a statement to be given along with a GAP agreement regarding consumer claims against creditors (Sec. 3).
Specifies that the creditor must provide a refund if the agreement has been resigned to someone who is not the original creditor and other reasons (Sec. 3).
Specifies that an insured customer has 90 days to file a loss settlement from property damage insurance till they can file a claim under the GAP agreement to seek debt cancellation from the creditor (Sec. 3).
Specifies that this act goes into effect January 1st 2024 (Sec. 4).
Title: Restructures Regulation of Guaranteed Asset Protection Agreements
Vote to amend and pass a bill that restructures regulations of guaranteed asset protection agreements.
Specifies that a creditor may charge for debt cancellation contracts and guaranteed asset protection agreements (Sec. 1).
Defines several financial agreement terms related to guaranteed asset protection agreements (Sec. 3).
Specifies that this act applies to every creditor in the state of Colorado (Sec. 3).
Authorizes a creditor to sell, offer, provide, and administer a Guaranteed Asset Protection agreement if they meet certain requirements (Sec. 3).
Specifies that a Guaranteed asset protection agreement may be allowed if they agree to the conditions (Sec. 3):
A written notice must be delivered on how the consumer is not required to purchase a GAP agreement and other details;
The consumer is provided is provided with a means to cancel the agreements;
Provision of a written agreement for the purchase of GAP agreement if one is purchased;
Details of the GAP agreement if purchased
Specifies that the fee for a GAP agreement may not exceed $600 (Sec. 3).
Requires a statement to be given along with a GAP agreement regarding consumer claims against creditors (Sec. 3).
Specifies that the creditor must provide a refund if the agreement has been resigned to someone who is not the original creditor and other reasons (Sec. 3).
Specifies that an insured customer has 90 days to file a loss settlement from property damage insurance till they can file a claim under the GAP agreement to seek debt cancellation from the creditor (Sec. 3).
Specifies that this act goes into effect January 1st 2024 (Sec. 4).
Title: Restructures Regulation of Guaranteed Asset Protection Agreements
Title: Restructures Regulation of Guaranteed Asset Protection Agreements