Bill Summary for S 270 (2025-2026)

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Summary date: 

Mar 12 2025

Bill Information:

View NCGA Bill Details(link is external)2025-2026 Session
Senate Bill 270 (Public) Filed Wednesday, March 12, 2025
AN ACT PROHIBITING THE INCLUSION OF CERTAIN AUTOMOBILE PHYSICAL DAMAGE INSURANCE COVERAGE IN A CREDIT PROPERTY INSURANCE POLICY, AS RECOMMENDED BY THE DEPARTMENT OF INSURANCE.
Intro. by Johnson, Britt, Settle.

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Bill summary

Identical to H 347, filed 3/10/25.

Amends GS 58-57-100 prohibiting automobile physical damage insurance from including: (1) coverage for the cost of repossession; (2) skip, confiscation, and conversion coverage (defined as insurance which provides coverage when a borrower has sold, traded, or disposed of the collateral, or the borrower and the collateral cannot be found); (3) coverage that requires a borrower's insurance deductible to be less than $250; or (4) coverage that is broader than the insurance coverages that meets the specified minimum insurance requirements. Specifies that this does not prohibit issuing a separate policy or endorsement providing these listed coverages, so long as the charges for those coverages is not passed along to the borrower.