LOU LEG Warranty Notice Breaches


On May 16, LOU LEG passed bill on warranty notice requirements.


  • LOU LEG passed bill HB 232 regarding warranty notice requirements and claims.
  • Amends LOU LEG 10-3-416, LOU LEG 10-3-417, LOU LEG 10-3-207; creates new LOU LEG 10-3-208 re warranties for negotiable instruments and bank deposits, collections.
  • Bill Provisions
  • Provides for breach of warranty notice requirement procedures and liability of parties.
  • Expenses of the person to whom warranties are made shall include reasonable attorney fees if they fail to pay the claim 30 days after receiving the written notice.
  • Legislative History
  • On Feb. 27, 2024, bill introduced in House; on Apr. 2, 2024, bill passed in House.
  • On Apr. 3, 2024, bill introduced in Senate; on May 14, 2024, bill passed in Senate.
  • On May 15, 2024, bill enrolled; on May 16, 2024, bill sent to governor for approval.
  • Effectiveness
  • Act is effective upon signature of the governor.
  • May 23, 2024 LOU LEG Governor Approval
  • On May 23, 2024, LOU LEG governor signed bill HB 232 as Act 208, effective Aug. 1.
  • Document dated May 23, 2024, received from LOU LEG May 30, summarized May 30.

Regulators LOU LEG
Entity Types CNSM; Corp
Reference Act 208, 5/23/2024; Bill, HB232, 5/16/2024; Citation: *LOU LEG* 10-3-416, 10-3-417, 10-3-207;
Functions Complaints; Compliance; Financial; Legal
Countries United States of America
Category
State
Products Corporate
Regions Am
Rule Type Final
Rule Date 5/16/2024
Effective Date 8/1/2024
Rule Id 212408
Linked to N/A
Reg. Last Update 5/23/2024
Report Section US Consumer

Last substantive update on 06/01/2024