CS/CS/HB 605: Asset Protection Products
GENERAL BILL by Commerce Committee ; Insurance & Banking Subcommittee ; Tramont
Asset Protection Products; Specifies requirement regarding amount charged or financed for vehicle value protection agreement; specifies financial security requirements for providers; requires vehicle value protection agreements to include certain written disclosures in clear & understandable language & state terms, restrictions, or conditions governing cancellation; defines "excess wear & use waiver"; authorizes retail lessee to contract with retail lessor for an excess wear & use waiver; prohibits conditioning terms of consumer's motor vehicle lease on his or her payment for any excess wear & use waiver; requires certain disclosures for lease agreement that includes an excess wear & use waiver.
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Bill History
Date Chamber Action 11/21/2023 House • Filed
11/30/2023 House • Referred to Insurance & Banking Subcommittee
• Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in Insurance & Banking Subcommittee
1/9/2024 House • 1st Reading (Original Filed Version)
1/16/2024 House • Added to Insurance & Banking Subcommittee agenda
1/18/2024 House • Favorable with CS by Insurance & Banking Subcommittee
1/19/2024 House • Reported out of Insurance & Banking Subcommittee
• Laid on Table under Rule 7.18(a)
• CS Filed
1/22/2024 House • Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in State Administration & Technology Appropriations Subcommittee
• 1st Reading (Committee Substitute 1)
2/2/2024 House • Added to State Administration & Technology Appropriations Subcommittee agenda
2/6/2024 House • Favorable by State Administration & Technology Appropriations Subcommittee
• Reported out of State Administration & Technology Appropriations Subcommittee
• Now in Commerce Committee
2/13/2024 House • Added to Commerce Committee agenda
2/15/2024 House • Favorable with CS by Commerce Committee
2/16/2024 House • Reported out of Commerce Committee
• Laid on Table under Rule 7.18(a)
• CS Filed
2/19/2024 House • Bill referred to House Calendar
• 1st Reading (Committee Substitute 2)
• Added to Second Reading Calendar
3/4/2024 House • Laid on Table
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CS/CS/HB 605, Committee Substitute 2 (Current Bill Version) Posted 2/16/2024 at 5:22 PM
Bill Text: PDF Analyses: None Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 902 (er) Motor Vehicle Retail Financial Agreements Boyd Similar Last Action: 5/7/2024 Chapter No. 2024-142 
Citations - Statutes (9)
Citation Catchline Location in Bill Location In Bill Help 520.02 Definitions. Page 3 (pdf) 520.07 Requirements and prohibitions as to retail installment contracts. Page 4 (pdf) 520.151 Page 6 (pdf) 520.152 Page 6 (pdf) 520.153 Page 7 (pdf) 520.154 Page 10 (pdf) 520.155 Page 12 (pdf) 520.156 Page 13 (pdf) 520.157 Page 13 (pdf) -
CS/HB 605, Committee Substitute 1 Posted 1/19/2024 at 6:36 PM
Bill Text: PDF Analyses: State Administration & Technology Appropriations Subcommittee (Post-Meeting) 2/6/2024 (pdf)
Commerce Committee (Post-Meeting) 2/16/2024 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 902 (c2) Motor Vehicle Retail Financial Agreements Boyd Similar Last Action: 5/7/2024 Chapter No. 2024-142
Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 183989 - Amendment
Remove lines 90-317 and insert:Tramont 2/14/2024
6:34 PMAdopted without Objection
2/15/2024PDF Citations - Statutes (9)
Citation Catchline Location in Bill Location In Bill Help 520.02 Definitions. Page 3 (pdf) 520.07 Requirements and prohibitions as to retail installment contracts. Page 3 (pdf) 520.151 Page 5 (pdf) 520.152 Page 5 (pdf) 520.153 Page 7 (pdf) 520.154 Page 10 (pdf) 520.155 Page 12 (pdf) 520.156 Page 12 (pdf) 520.157 Page 13 (pdf) -
HB 605, Original Filed Version Posted 11/21/2023 at 8:35 AM
Bill Text: PDF Analyses: Insurance & Banking Subcommittee (Post-Meeting) 5/7/2024 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 902 (c1) Motor Vehicle Retail Financial Agreements Boyd Similar Last Action: 5/7/2024 Chapter No. 2024-142
Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 365049 - Amendment
Remove lines 48-421 and insert:Tramont 1/17/2024
6:16 PMAdopted without Objection
1/18/2024PDF Citations - Statutes (13)
Citation Catchline Location in Bill Location In Bill Help 24.118 Other prohibited acts; penalties. Page 16 (pdf) 501.604 Exemptions. Page 17 (pdf) 520.02 Definitions. Page 2 (pdf) 520.07 Requirements and prohibitions as to retail installment contracts. Page 3 (pdf) 520.1501 Page 5 (pdf) 520.1502 Page 5 (pdf) 520.1503 Page 6 (pdf) 520.1504 Page 9 (pdf) 520.1505 Page 11 (pdf) 520.1506 Page 11 (pdf) 521.003 Definitions. Page 12 (pdf) 521.007 Page 15 (pdf) 671.304 Laws not repealed; precedence where code provisions in conflict with other laws; certain statutory remedies retained. Page 17 (pdf)