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Committee approves bill requiring lienholder be named on vehicle-claim checks in certain cases
Summary
The committee passed a bill requiring settlement checks for motor vehicle claims to include the perfected lienholder's name when the lienholder has a physical location in Arkansas; supporters said it would reduce repossessions and help apply claim payments to outstanding debt.
State Representative Frank Kavanaugh presented a one-page bill requiring that, when there is a perfected lienholder with a physical location in Arkansas, the insurer's check for a motor vehicle claim be made payable to both the insured customer and the lienholder.
Nut graf: Sponsors said the measure is intended to ensure claim payments are applied to secured debt or vehicle repairs rather than being cashed by the insured and potentially leading to…
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