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CALIFORNIA AB 125
| | OwnerGUARD sponsored legislation to restore deductible coverage for GAP waivers in California signed by governor.
"I think it showed that, when you have an issue that affects consumers and you have a company like OwnerGUARD step up to the plate, that things can be fixed ... And if a similar situation comes up in other states, the industry now has some legislative history in California to work with." - Michelle Dicks, General Counsel, OwnerGUARD |
May 10, 2011 - SACRAMENTO, CA - Governor Brown signed AB 125, a bill sponsored by OwnerGUARD, to allow a GAP waiver to cover the deductible. The bill contained an urgency clause and was chaptered into law on May 10, 2011. The law is effective immediately. From now on, California consumers who purchase GAP waivers have coverage for their deductible.
The bill was unanimously approved by Senate Insurance committee on April 13, and likewise unanimously approved by the full Senate on April 25. This follows unanimous votes by the Assembly insurance committee and the full Assembly. With the unanimous support of both houses and the governor’s signature, consumers should feel confident that the legislature supports the benefits that GAP waivers offer.
OwnerGUARD is grateful for the assistance of the trade organizations it belongs to for their support of this bill: Consumer Credit Industry Association (CCIA), Guaranteed Asset Protection Alliance (GAPA) and the American Financial Services Association (AFSA).
March 10, 2011 – SACRAMENTO, CA – The legislation that OwnerGUARD sponsored to restore deductible coverage under California GAP contracts is moving quickly. The bill was heard in the Assembly Insurance Committee on March 2, 2011. The Assembly Insurance committee voted to pass the bill unanimously, in a 10-0 vote. Then the bill headed to the Assembly floor. The bill was heard on the Assembly floor on March 10, 2011. The bill passed in another unanimous vote, 69-0.
The bill is now headed for the California Senate. The goal is to have a hearing in the Senate Banking Committee in mid-March. Hopefully, the Senate will act quickly and pass the legislation, so that California consumers will again have deductible coverage on GAP contracts.
February 2011, SACRAMENTO, CA – A California Assembly Bill was introduced by the Committee on insurance. For the full story click here.
SACRAMENTO, CA – A California Assembly Bill was introduced by the Committee on Insurance. The bill aims to fix the problem created during the last legislative session when AB 2782, an insurance department omnibus bill, was passed and subsequently interpreted by the Department of Insurance not to allow coverage of the consumer’s deductible on GAP waivers. Upon realizing that this would take a valuable benefit away from consumers, OwnerGUARD decided to take action.
GAP is intended to cover all or a portion of the difference between the amount a consumer owes on a vehicle loan or lease and the amount the insurer pays in the event of a total loss. An important part of GAP coverage is the deductible, so that consumers will not have to pay this amount to the lender or lessor. Prior to the passage of AB 2782, consumers received coverage for their deductible. Hopefully, AB 125 will pass soon, so that consumers can again have the benefit of deductible coverage.
Bill Information:
Chaptered Bill
Articles:
We have received coverage from the press on our pursuit of this legislation. Here are links to the various articles:
January 25, 2011 - F & I Newsletter
February 4, 2011 - F & I Newsletter
March 11, 2011 – F & I Newsletter
May 10, 2011 – Press Release, Office of Governor Jerry Brown
May 13, 2011 – F & I Newsletter
GAP Product Knowledge
GAP 100 - Introduction to OGU
GAP 101 - GAP Basics
GAP 102 - GAP Program Highlights
GAP 103A - Contract: Declarations Page
GAP 103B - Contract: Agreement and Vehicle Types
GAP 103C - Contract: Limitations, Definitions and Additional Terms
GAP 103D - Contract: Requesting Benefits
GAP 104 - Forms
GAP 105 - GAP Commercial Use
Website Instruction
WEB 100A - Demo Mode
WEB 100B - Request Web Credentials
WEB 101 - Create Contracts
WEB 102 - VSC Edit, Delete, Remit and Web Activity
WEB 103 - GAP Edit, Delete, Remit and Web Activity
WEB 104 - GAP eRemit
More Information
For more information, please fill out the contact form below and an OwnerGUARD representative will contact you promptly.
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