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Senate Commerce Committee Statement - Senate Bill No. 1198, State of New Jersey (July 23, 2020)

Summary

Senate Commerce Committee Statement to Senate, No. 1198 with committee amendments, State of New Jersey, dated July 23, 2020, reporting Senate Bill No. 1198 favorably. The statement says the bill expands the definition of "motor vehicle ancillary protection product" to include lost or stolen motor vehicle key fobs and leased motor vehicle excess wear and use protection. It provides that a payment under a service contract covering leased motor vehicle excess wear and use protection shall not exceed the purchase price of the vehicle. The committee amended the bill to make the effective date the first day of the third month following enactment, where the bill as introduced would be effective immediately, and made certain technical changes.

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Cite this document

“Senate Commerce Committee Statement - Senate Bill No. 1198, State of New Jersey (July 23, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-07-23-scm-s1198-s1-56e6970687/, SHA-256 8d699059320e30f94be18a62ec4f4f65bdb13c4aeff9fee5b3568a0c76ab8f6b.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1198
                   with committee amendments



 STATE OF NEW JERSEY
                      DATED: JULY 23, 2020

   The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 1198.
   This bill expands the definition of “motor vehicle ancillary
protection product” to include motor vehicle key fobs that have
become lost or stolen, leased motor vehicle excess wear and use
protection, and other services that may be approved by the director.
The bill defines leased motor vehicle excess wear and use
protection as the repair, replacement, or maintenance of property, or
indemnification for repair, replacement, or maintenance, due to
excess wear and use; damage for items such as tires, paint cracks or
chips, interior stains, rips or scratches, exterior dents or scratches,
windshield cracks or chips, missing interior or exterior parts or
excess mileage that results in a lease-end charge; or any other
charge for damage that is deemed as excess wear and use by a
lessor under a motor vehicle lease.
   The bill provides that in the case of a service contract that covers
leased motor vehicle excess wear and use protection, a payment
under the contract shall not exceed the purchase price of the
vehicle.

COMMITTEE AMENDMENTS:

   The committee amended the bill to make the effective date the first
day of the third month following enactment. As introduced, the bill
would be effective immediately.
   The committee also amended the bill to make certain technical
changes.

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