Tennessee HB2231 amends vehicle value protection agreements to ensure consumer benefits and protections.
Tennessee HB2231 amends the Tennessee Vehicle Value Protection Product Act to enhance consumer protections and benefits for vehicle value protection agreements. The bill mandates that providers guarantee their obligations through an insurance policy, ensuring that contract holders are reimbursed if the provider fails to perform. It also requires providers to offer benefits for unrecovered theft, total loss, or trade-in of a covered vehicle, either as a credit toward a new vehicle or applied to the cash value at trade-in.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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