Date	Chamber	Action
1/13/2021	House	Session 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.

Actions 

Date	Chamber	Action
2/15/2019	House	Filed with the Clerk by Rep. Anthony DeLuca
2/15/2019	House	First Reading
2/15/2019	House	Referred to Rules Committee
3/5/2019	House	Assigned to Financial Institutions Committee
3/26/2019	House	Do Pass / Short Debate Financial Institutions Committee; 013-000-000
3/29/2019	House	Placed on Calendar 2nd Reading - Short Debate
4/4/2019	House	Added Co-Sponsor Rep. Kelly M. Burke
4/10/2019	House	Added Chief Co-Sponsor Rep. Michael P. McAuliffe
4/10/2019	House	Second Reading - Short Debate
4/10/2019	House	Held on Calendar Order of Second Reading - Short Debate
4/12/2019	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2021	House	Session Sine Die

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