Florida Senate - 2006                      COMMITTEE AMENDMENT
    Bill No. CS for SB 2522
                        Barcode 572880
                            CHAMBER ACTION
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11  The Committee on Judiciary (Posey) recommended the following
12  amendment:
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14         Senate Amendment 
15         On page 1, line 23, through
16            page 2, line 7, delete those lines
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18  and insert:  debt cancellation products with consumer retail
19  installment contracts, loans, or leases. For purposes of this
20  section, debt cancellation products, including, but not
21  limited to, debt cancellation contracts, debt suspension
22  agreements, and guaranteed asset protection contracts, are
23  retail installment contracts, loan or lease contract terms, or
24  modifications to retail installment contracts, loan or lease
25  contracts, under which a creditor agrees to cancel or suspend
26  all or part of a customer's obligation to make payments upon
27  the occurrence of specified adverse events.
28         2.  Debt cancellation products may be offered by
29  financial institutions, as defined in s. 655.005(1), under the
30  same terms and conditions as products offered by depository
31  institutions, as defined in 12 U.S.C. s. 1813(c); federal
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    1:27 PM   04/24/06                           s2522c1b-ju24-tpo


    Florida Senate - 2006                      COMMITTEE AMENDMENT
    Bill No. CS for SB 2522
                        Barcode 572880
 1  credit unions, as defined in 12 U.S.C. S. 1752(1); motor
 2  vehicle retail installment sellers, as defined in s.
 3  520.02(15); or retail lessors, as defined in s. 521.003(8).
 4  Such products do not constitute insurance for purposes of the
 5  Florida Insurance Code.
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    1:27 PM   04/24/06                           s2522c1b-ju24-tpo