Louisiana Senate Bill SB167

Louisiana 2012 Regular Session

• Introduced: 3/12/12
• Refer: 3/12/12
• Report Pass: 4/4/12
• Engrossed: 4/11/12
• Refer: 4/12/12
• Report Pass: 4/25/12
• Enrolled: 5/22/12
• Chaptered: 5/25/12
• Passed: 5/25/12

Caption

Provides for portable electronics insurance policies. (8/1/12) (EN SEE FISC NOTE SG RV See Note)

Impact

The enactment of SB 167 is expected to significantly impact how portable electronics insurance is sold in the state. By establishing a limited lines license for vendors and outlining their responsibilities, the law aims to ensure that vendors provide adequate coverage options while adhering to state regulations. This regulatory framework might streamline processes for vendors and consumers alike, potentially increasing consumer confidence in purchasing portable electronics insurance. Overall, it creates a more organized environment for portable electronics insurance transactions across Louisiana.

Summary

Senate Bill No. 167 aims to establish a regulatory framework for portable electronics insurance in Louisiana. The bill provides definitions related to portable electronics insurance and outlines requirements for vendors offering such insurance. It mandates that vendors present customers with information on the terms of the insurance, ensuring consumers are aware of their rights and options. This legislation seeks to create standards for the insurance market related to portable electronics, thereby providing more clarity and protection for consumers purchasing these insurance policies.

Sentiment

General sentiment around SB 167 appears to be positive, especially among consumer advocacy groups which likely see the bill as a step toward better consumer protection. Lawmakers supporting the bill argue that it will help clarify the rights of consumers while ensuring that vendors are properly licensed and regulated. However, there may be concerns about the additional regulatory burden on vendors. Overall, the sentiment highlights a balance between protecting consumers and supporting vendors in the portable electronics market.

Contention

While the bill seems to have broad support, some contention may arise regarding the licensing requirements for vendors. Critics may argue that these requirements could increase operational costs for small businesses or deter some vendors from offering portable electronics insurance altogether. Furthermore, the bill stipulates that vendors cannot be compensated primarily based on the number of customers enrolled in the insurance, which raises questions regarding vendor incentive structures. Such issues may lead to debates about the feasibility and impact of the bill on small vendors in the electronics marketplace.