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Legislative Year: 2023 Change

Bill Detail: SB23-015

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Title Vehicle Value Protection Agreement
Status Governor Signed (03/23/2023)
Bill Subjects
  • Business & Economic Development
  • Transportation & Motor Vehicles
House Sponsors M. Snyder (D)
R. Taggart (R)
Senate Sponsors R. Rodriguez (D)
P. Will (R)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 01/10/2023

A vehicle value protection agreement (agreement) is a contract that
provides benefits when an owner of a vehicle replaces the vehicle at
trade-in, when the vehicle is stolen, or after an adverse event that lowers
the value of the vehicle. An agreement is declared to not be insurance or
subject to regulation as insurance if offered in compliance with the bill.
A person who provides an agreement (provider) is prohibited from
conditioning the extension of credit, the terms of credit, or the terms of
a vehicle sale or lease upon the purchase of an agreement. To be issued,
an agreement must:
  • Provide a benefit to the consumer upon the trade-in, total
loss, or unrecovered theft of a covered vehicle;
  • Identify the administrator or provider, the seller, the
consumer, and the terms of the sale;
  • Guarantee the provider's obligations by an insurance
policy; and
  • Notify the consumer of the agreement's terms, including
cancellation terms.
To cancel an agreement, the provider must mail a notice to the
consumer at least 5 days prior to cancellation; except that the cancellation
takes effect immediately if the reason for the cancellation is nonpayment,
a material misrepresentation, or a substantial breach of duties by the
consumer. If an agreement is canceled by the provider for a reason other
than nonpayment of the provider fee, the provider is required to make a
refund minus actual paid benefits, but the provider may charge a
reasonable administrative fee of up to $75.
The provider is required to guarantee the provider's obligations by
an insurance policy that pays the consumer. The insurance policy must
provide that:
  • The insurer will pay if the provider fails to perform its
obligations under the agreement; and
  • The consumer may file a claim directly with the insurer for

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with Amendments
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