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Legislative Year: 2023 Change

Bill Detail: HB23-1181

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Title Guaranteed Asset Protection Agreements
Status Governor Signed (06/07/2023)
Bill Subjects
  • Financial Services & Commerce
  • Health Care & Health Insurance
  • Insurance
  • Transportation & Motor Vehicles
House Sponsors T. Mauro (D)
Senate Sponsors K. Mullica (D)
N. Hinrichsen (D)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 02/08/2023

The bill codifies and updates rules regarding guaranteed asset
protection agreements (GAP agreement). A GAP agreement relieves a
consumer of liability for all or part of the deficiency balance remaining
after the payment of all insurance proceeds upon the total loss of the
consumer's motor vehicle.
Section 2 of the bill permits a creditor to collect additional charges
or fees for a GAP agreement as part of a consumer credit transaction.
Section 3:
  • Sets conditions and provisions that must be a part of any
GAP agreement in order for it to be valid and for a creditor
to receive an additional charge or fee in relation to the GAP
  • Establishes the method by which the deficiency balance is
calculated and what the consumer will be owed pursuant to
the GAP agreement in the event of a total loss;
  • Details when a consumer must submit the consumer's GAP
agreement claim after a total loss;
  • Establishes the maximum fee that may be charged for a
GAP agreement, which must not exceed 5% of the amount
financed in the consumer credit transaction; and
  • Prohibits the sale of a GAP agreement in specified

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (08/24/2023) (most recent)  
Additional Bill Documents Bill Documents
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
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