Legislation watch
2011 Senate Bill 616: Impose death or disability mandate on car loan coverage
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- Introduced by Sen. Tonya Schuitmaker (R) on September 7, 2011, to require car loan contracts with "asset protection waivers," in which the borrower pays extra in return for debt cancellation insurance if the vehicle is totaled or stolen, to also extend the same coverage to cancel the debt on the death or disability of the borrower.
- Referred to the Senate Regulatory Reform Committee on September 7, 2011.
- Reported in the Senate on May 1, 2012, with the recommendation that the bill pass.
- Referred to the Senate Regulatory Reform Committee on September 7, 2011.
- Passed 38 to 0 in the Senate on May 17, 2012.
Who Voted "Yes" and Who Voted "No" - Received in the House on May 17, 2012.
- Referred to the House Insurance Committee on May 17, 2012.
Comments
1) Re: 2011 Senate Bill 616 (Impose death or disability mandate on car loan coverage ) by changeagent on May 22, 2012harrynevus, your bias against business is clouding your logic.
[quote user="harrynevus"]Manny Maroun: With enough money stuffed in republican pockets, one man has stopped the government from building a bridge that would benefit the economies and hundreds of thousands of citizens in several positive ways in TWO countries.[/quote]
Certainly Maroun is trying to build his own bridge vs. the multi-billion dollar project down river. However, the argument that the DRIC project would benefit "hundreds of thousands of citizens" is questionable. The project would certainly benefit thousands of union construction workers and their companies. It would also place additional hardship on hundreds of thousands of taxpayers, many of whom would get absolutely no benefit from the bridge.
[quote user="harrynevus"]The Helmet Law: The insurance companies convinced the legislature if motorcycle riders buy more insurance, they can ride without helmets. [/quote]
The insurance companies want no part of allowing people to ride without helmets. They fought this legislation tooth and nail.
[quote user="harrynevus"]This Death/Disability Insurance on Auto Loans: [/quote]
This legislation does not force consumers to buy insurance, it forces insurance companies to expand coverage on a certain type of policy. The effect of this legislation will be to increase the price of GAP insurance, thus causing fewer people to purchase it, thus causing insurance companies to sell less and make less profit and causing finance companies to incur greater risks. As usual, the consumer loses.
It doesn't matter whether it's Republicans or Democrats. They all want to take away our rights.
This bill illuminates the Republican lie that they want government out of our lives. What they really want is government working with business to lessen risk and increase profits to those businesses.
Rational people see the connection between big government and big business.
Article: Rational people fear big government... not big business. http://townhall.com/columnists/dennisprager/2012/05/22/rational_people_fear_big_government_not_big_business
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