Bill Summary for S 425 (2021-2022)
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Summary date:
May 10 2021
Bill Information:
| View NCGA Bill Details(link is external) | 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.