Illinois General Assembly - Bill Status for HB3156
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 Bill Status of HB3156 General Assembly


House Sponsors
Rep. Anthony DeLuca - Michael P. McAuliffe and Kelly M. Burke

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
215 ILCS 5/2.5

Synopsis As Introduced
Creates the Guaranteed Asset Protection Waiver Act. Establishes standards to regulate persons offering guaranteed asset protection waivers. Defines "guaranteed asset protection waiver" as a contractual agreement that is part of, or a separate addendum to, a finance agreement wherein a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle. Contains provisions concerning requirements for offering guaranteed asset protection waivers, contractual liability or other insurance policies insuring guaranteed asset protection waivers, disclosures, cancellation of agreements, exemptions, and enforcement. Amends the Illinois Insurance Code to exempt guaranteed asset protection waivers from regulation as insurance.

DateChamber Action
  2/15/2019HouseFiled with the Clerk by Rep. Anthony DeLuca
  2/15/2019HouseFirst Reading
  2/15/2019HouseReferred to Rules Committee
  3/5/2019HouseAssigned to Financial Institutions Committee
  3/26/2019HouseDo Pass / Short Debate Financial Institutions Committee; 013-000-000
  3/29/2019HousePlaced on Calendar 2nd Reading - Short Debate
  4/4/2019HouseAdded Co-Sponsor Rep. Kelly M. Burke
  4/10/2019HouseAdded Chief Co-Sponsor Rep. Michael P. McAuliffe
  4/10/2019HouseSecond Reading - Short Debate
  4/10/2019HouseHeld on Calendar Order of Second Reading - Short Debate
  4/12/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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