TALLAHASSEE, Fla., Oct. 16, 2019 /PRNewswire/ -- A trio of industry groups hailed state legislatures across the nation for continued progress in passing new protections for consumers who purchase service contracts or GAP waivers for their vehicles. The Service Contract Industry Council (SCIC), Motor Vehicle Protection Products Association (MVPPA), and Guaranteed Asset Protection Alliance (GAPA) successfully promoted new regulations and guidelines to help owners protect their vehicles.
Among the new state consumer protection laws:
"Service contracts and GAP waivers exist to help consumers," said Tim Meenan, SCIC executive director. "These industry groups are proud to have spurred important changes that better protect consumers."
A GAP waiver is an agreement between a borrower and their creditors designed to cancel some or all of the remaining balance after a total loss. A GAP waiver is not insurance or a warranty but can provide certain financial security for the owner of a vehicle.
This year's legislation follows a half-dozen new laws passed last year around the nation, enhancing consumer protections in this area. Legislation enacted in Idaho, Minnesota, Utah, Mississippi, West Virginia, and Wisconsin last year added protections to be covered by service contracts and ensuring that consumers are fully informed about their service contracts.
SOURCE Guaranteed Asset Protection Alliance (GAPA); Motor Vehicle Protection Products Association (MVPPA); Service Contract Industry Council (SCIC)
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