Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 2522
Barcode 352102
CHAMBER ACTION
Senate House
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1 Comm: FAV .
04/25/2006 09:22 PM .
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3 Floor: 1/AD/2R .
05/02/2006 02:13 PM .
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11 The Committee on Judiciary (Posey) recommended the following
12 substitute for amendment (572880):
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14 Senate Amendment
15 On page 1, line 21, through page 2, line 7, delete
16 those lines
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18 and insert:
19 (r) 1. Debt cancellation.--Insurance that a creditor
20 may purchase against the risk of financial loss from the use
21 of debt cancellation products with consumer loans or leases or
22 retail installment contracts. Debt cancellation products, such
23 as debt cancellation contracts, debt suspension agreements,
24 and guaranteed asset protection contracts, are loan or lease
25 or retail installment contract terms, or modifications to loan
26 or lease or retail installment contracts, under which a
27 creditor agrees to cancel or suspend all or part of a
28 customer's obligation to make payments upon the occurrence of
29 specified adverse events.
30 2. Debt cancellation products may be offered by
31 financial institutions, as defined in s. 655.005(1)(h), under
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9:18 PM 04/25/06 s2522.ju24.001
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. CS for SB 2522
Barcode 352102
1 the same terms and conditions as products offered by
2 depository institutions, as defined in 12 U.S.C. s. 1813(c),
3 or federal credit unions, as defined in 12 U.S.C. s. 1752(1),
4 motor vehicle retail installment sellers, as defined in s.
5 520.02(15), or retail lessors, as defined in s. 521.003(8),
6 and such agreements do not constitute insurance for purposes
7 of the Florida Insurance Code.
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