Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Consumer Finance topic
No spam. Unsubscribe anytime.
Panel clarifies gap‑insurance authority for lenders, approves bill 7–0
Summary
HB1309 clarifies that licensed lenders may offer gap insurance and gap waivers under consumer finance statutes; the Bureau of Financial Institutions explained the statutory gap, and the subcommittee reported the bill 7–0.
Delegate Ballard said HB1309 clarifies existing law to expressly allow licensed lenders to offer gap insurance and gap‑waiver products under the consumer‑finance chapter of the code, addressing regulatory uncertainty. Susan Hancock of the Bureau of Financial Institutions explained that while two licensees already offer gap insurance, the statute does not specifically list gap insurance or gap waivers; the bill adds explicit authority. Industry representatives supported the technical clarification. The subcommittee reported the bill 7–0.
