| 1 | Representative Precourt offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 197 and 198, insert: |
| 5 | Section 6. Paragraph (r) of subsection (1) of section |
| 6 | 624.605, Florida Statutes, is amended to read: |
| 7 | 624.605 "Casualty insurance" defined.-- |
| 8 | (1) "Casualty insurance" includes: |
| 9 | (r) Insurance for debt cancellation products.--Insurance |
| 10 | that a creditor may purchase against the risk of financial loss |
| 11 | from the use of debt cancellation products with consumer loans |
| 12 | or leases or retail installment contracts. Insurance for debt |
| 13 | cancellation products is not liability insurance but shall be |
| 14 | considered credit insurance only for the purposes of s. |
| 15 | 631.52(4). |
| 16 | 1. For purposes of this paragraph, the term "debt |
| 17 | cancellation products" means loan, lease, or retail installment |
| 18 | contract terms, or modifications to loan, lease, or retail |
| 19 | installment contracts, under which a creditor agrees to cancel |
| 20 | or suspend all or part of a customer's obligation to make |
| 21 | payments upon the occurrence of specified events and includes, |
| 22 | but is not limited to, debt cancellation contracts, debt |
| 23 | suspension agreements, and guaranteed asset protection |
| 24 | contracts. However, the term "debt cancellation products" does |
| 25 | not include title insurance as defined in s. 624.608. |
| 26 | 2. Debt cancellation products may be offered by financial |
| 27 | institutions, as defined in s. 655.005(1)(h), insured depository |
| 28 | institutions as defined in 12 U.S.C. s. 1813(c), and |
| 29 | subsidiaries of such institutions, as provided in the financial |
| 30 | institutions codes; by sellers as defined in s. 721.05, or by |
| 31 | the parents, subsidiaries, or affiliated entities of sellers, in |
| 32 | connection with the sale of timeshare interests;, or by other |
| 33 | business entities as may be specifically authorized by law, and |
| 34 | such products shall not constitute insurance for purposes of the |
| 35 | Florida Insurance Code. |
| 36 |
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| 37 | ----------------------------------------------------- |
| 38 | T I T L E A M E N D M E N T |
| 39 | Between lines 6 and 7, insert: |
| 40 | amending s. 624.605, F.S.; expanding the list of entities |
| 41 | authorized to offer debt cancellation products for purposes of |
| 42 | the definition of the term "casualty insurance" to include |
| 43 | sellers of timeshare interests; |