Jun 21, 2016

GAP waiver bills amended from the Assembly floor

A bill (A-3601) that would provide a regulatory framework within which guaranteed asset protection waivers may be offered in the state was amended from the Assembly floor on June 16. This floor amendment provides that the commissioner of banking and insurance shall be responsible for enforcing the provisions of the bill regarding the regulation of guaranteed asset protection waivers, rather than the director of the Division of Consumer Affairs in the Department of Law and Public Safety, as the bill currently provides.

As originally drafted, the bill granted the commissioner of the Department of Banking and Insurance enforcement authority, but was amended in committee to give enforcement authority to the Division of Consumer Affairs and its director, so the floor amendment returns the bill to its original form.