Bill Title: Creates the Guaranteed Asset Protection Waiver Act. Establishes standards to regulate persons offering guaranteed asset protection waivers. Provides for a period of time of at least 30 days from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. Amends the Illinois Insurance Code to exempt guaranteed asset protection waivers from regulation as insurance.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Engrossed - Dead) 2017-01-10 - Senate Floor Amendment No. 1 Postponed - State Government and Veterans Affairs [HB5907 Detail]

Text: Latest bill text (Engrossed) [HTML]

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