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Subcommittee approves HB 504 to regulate optional vehicle value protection plans
Summary
The Regulatory Subcommittee of Regulated Industries approved a committee substitute for House Bill 504, which sets disclosure, cancellation and financial-backing requirements for optional vehicle value protection agreements; industry witnesses voiced support and the bill passed by a voice vote.
The Regulatory Subcommittee of Regulated Industries approved a committee substitute for House Bill 504 on the subject of optional vehicle value protection agreements, the panel announced at the start of its session.
Chairman Monahan, who presented the bill to the subcommittee, said the substitute tightens consumer protections by strengthening disclosure requirements, adding a cancellation window, requiring ‘‘real financial backing’’ so claims are paid, and giving ‘‘the office of consumer protections’’ enforcement authority. He described the products covered as optional, not mandatory, for…
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