summary
Introduced
01/16/2026
01/16/2026
In Committee
02/18/2026
02/18/2026
Crossed Over
02/16/2026
02/16/2026
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Consumer finance companies; additional charges. Provides that, for the purposes of the prohibition on additional charges by consumer finance companies, exceptions to such prohibition include (i) charges for guaranteed asset protection waivers for the protection and benefit of the borrower in connection with any loan and (ii) charges for guaranteed asset protection insurance for the protection and benefit of the borrower in connection with any loan.
AI Summary
This bill amends existing law to allow consumer finance companies to charge borrowers for Guaranteed Asset Protection (GAP) waivers and GAP insurance in addition to other permitted fees, provided these charges are for the borrower's protection and benefit in connection with a loan. GAP waivers and insurance are financial products designed to protect borrowers by covering the difference between what their auto insurance pays out and the amount owed on a vehicle loan if the vehicle is totaled or stolen. The bill clarifies that these specific charges are exceptions to the general prohibition against consumer finance companies imposing additional fees beyond interest, late payment fees, and loan processing fees.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to Committee on Commerce and Labor (on 02/18/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB1309 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (HB1309) | https://lis.blob.core.windows.net/files/1096316.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1309/text/HB1309 |
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