Bill Summary for S 425 (2021)

Summary date: 

May 6 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 425 (Public) Filed Wednesday, March 31, 2021
AN ACT TO MAKE CHANGES TO THE STATUTES GOVERNING GUARANTEED ASSET PROTECTION WAIVERS AND TO CREATE AN ARTICLE GOVERNING VEHICLE VALUE PROTECTION AGREEMENTS.
Intro. by Woodard, Perry, Johnson.

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Bill summary

Senate committee substitute amends the 1st edition as follows.

Adds to the amended definition of a guaranteed asset protection waiver set forth in GS 66-440, applicable to Article 46, to explicitly provide that the term does not include a vehicle value protection agreement as defined in new GS 66-471(10).

Revises the definition of a vehicle value protection agreement under GS 66-471, applicable to new Article 48, as enacted, to provide for the occurrence of a less than total physical damage loss as an example of an event that would trigger the provision of a benefit provided for pursuant to contractual agreement (no longer specifically providing for the occurrences of loss, theft, or damage as examples). More specifically excludes a guaranteed asset protection waiver as defined by GS 66-440(5), as amended, rather than debt waivers, from the term. 

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