2011 Senate Bill 616

Impose death or disability mandate on car loan coverage

Introduced in the Senate

Sept. 7, 2011

Introduced by Sen. Tonya Schuitmaker (R-20)

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 Committee on Regulatory Reform

May 1, 2012

Reported without amendment

With the recommendation that the bill pass.

May 17, 2012

Passed in the Senate 38 to 0 (details)

Received in the House

May 17, 2012

Referred to the Committee on Insurance