Bill Summary for S 425 (2021)

Summary date: 

May 10 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 2nd edition as follows.

Revises the definition of a vehicle value protection agreement under GS 66-471, applicable to new Article 48, as enacted, to no longer provide for obsolescence as an example of an event that would trigger the provision of a benefit provided for pursuant to contractual agreement. 

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