Bill provisions created the Florida vehicle value protection agreements act (VVPAA).
VVPAA includes a contractual agreement that provides a benefit toward either the reduction of some or all of the contract holder’s current finance agreement deficiency.
Purchase or lease of a replacement motor vehicle or motor vehicle services upon the occurrence of an adverse event, including loss, theft, damage or diminished value.
Provisions revise the definition of the term guaranteed asset protection product (GAP).
Requires entities to refund the portions of the purchase price of the contract for a guaranteed asset protection product under certain situations, sets fee amount to $75.
Adds Excess Wear and Use Waiver; meaning a contractual agreement where a lessor agrees to cancel or waive all or part of amounts that may become due under a lease.
Agreements that includes excess wear, use waiver must contain certain disclosures.
Specified that such waivers may also cancel or waive amounts due for excess mileage.
Legislative History
On Jan. 9, 2024, bill introduced in Senate; on Feb. 28, 2024, bill passed in Senate.
On Mar. 1, 2024, bill introduced in House; on Mar. 5, 2024, bill passed in House.
Effectiveness
Upon approval by the Governor, the bill has an effective date of Oct. 1, 2024.
May 2024 FLA LEG Governor Approval
On May 7, 2024, FLA LEG reported governor approved bill, assigned chapter 2024-142.
