Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1743 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 58th Legislature (2022)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1743 By: Leewright of the Senate
7	37
8	38		and
9	39
10	40		Bashore of the House
11	41
12	42
13	43
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15	45		An Act relating to financial protection pr oducts;
16	46		defining terms; allowing for the issuance of motor
17	47		vehicle financial protection pr oducts; requiring the
18	48		issuance of the protection product to be a separate
19	49		charge; prohibiting the requirement of a protection
20	50		product as a term for sale o r lease; allowing for the
21	51		use of debt waivers; providing the conditions for a
22	52		retail seller or creditor to offer debt waivers;
23	53		providing the contractual liabilities of a creditor
24	54		issuing a debt waiver; providing for the cancelation
25	55		or termination of debt waivers under certain
26	56		conditions; providing the procedures the borrower
27	57		shall follow to obtain a debt waiver ben efit;
28	58		authorizing refund in the event of a cancelation of a
29	59		debt waiver under certain conditions; providing
30	60		exemptions for certain offers of debt waivers;
31	61		providing requirements for offering vehicle value
32	62		protection agreements; requiring a contract holder of
33	63		a vehicle value protection agreement to provide copy
34	64		of agreement; requiring contract holders to follow
35	65		certain fiduciary requirements to ensure faithful
36	66		performance; requiring agreements to disclose certain
37	67		information; providing for promulgation of rules;
38	68		providing penalties for certain violations;
39	69		establishing that motor vehicle financial protection
40	70		products shall not be insurance ; providing for
41	71		codification; and providing an effective date.
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45		-	~~SUBJECT~~: ~~Financial protection products~~
	75	+	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
46	76
47		-
48		-	ENR. S. B. NO. 1743 Page 2
49		-	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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51	103		SECTION 1. NEW LAW A new section of law to be codified
52	104		in the Oklahoma Statutes as Section 140.2 of Title 15, unless there
53	105		is created a duplication in numbering, reads as follows:
54		-
55	106		As used in this act:
56		-
57	107		1. "Commercial" means a transaction wherein the motor vehicle
58	108		will primarily be used for business purposes rather than per sonal;
59		-
60	109		2. "Commissioner" means the Insurance Commissioner;
61		-
62	110		3. "Consumer" means an individual purchaser of a motor vehicle
63	111		or borrower under a finan ce agreement, and includes a borrower or
64	112		contract holder as herein defined as applicable;
65		-
66	113		4. "Finance agreement" means a loan, retail installment sales
67	114		contract, or lease for the purchase, refinancing, or lease of a
68	115		motor vehicle;
69		-
70	116		5. "Free look period" means the period of time from the
71	117		effective date of the motor vehicle financial protection product
72	118		until the date the motor vehicle financial protection product may be
73	119		canceled without penalty, fees, or costs. This period of time shall
74	120		not be shorter than thirty (30) days;
75		-
76	121		6. "Insurer" means an insurance company licensed, registered,
77	122		or otherwise authorized to issue contractual liability insurance
78	123		under the insurance laws of t his state;
79		-
80	124		7. "Motor vehicle" means self-propelled or towed vehicles
81	125		designed for personal or commercial use including, but not limited
82	126		to, automobiles, trucks, motorcycles, recreational ve hicles, all-
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83	154		terrain vehicles, snowmobiles, campers, boards, person al watercraft,
84	155		and related trailers;
85		-
86	156		8. "Motor vehicle financial protection product" means an
87	157		agreement defined herein that protects a consumer's financial
88	158		interest in his or her current or future motor vehicle and includes,
89	159		but is not limited to, debt waiver and vehicle value protection
90		-
91		-	ENR. S. B. NO. 1743 Page 3
92	160		agreements. A motor vehicle financial protection product shall not
93	161		mean a service warranty or vehicle protection product warranty ; and
94		-
95	162		9. "Person" means an individual, company , association,
96	163		organization, partnersh ip, business trust, corporation, and every
97	164		form of legal entity.
98		-
99	165		SECTION 2. NEW LAW A new section of law to be codified
100	166		in the Oklahoma Statutes as Section 140.3 of Title 15, unless there
101	167		is created a duplication in numbering, reads as follows:
102		-
103	168		A. Motor vehicle financial protection products may be offer ed,
104	169		sold, or given to consumers in t his state in compliance with this
105	170		act.
106		-
107	171		B. Notwithstanding any other provision of law, any amoun t
108	172		charged or financed for a motor vehicle fi nancial protection product
109	173		is an authorized charge that must be separately stated and not be
110	174		considered a financial charge or interest.
111		-
112	175		C. Neither the extension of credit, the terms of credit, nor
113	176		the terms of the related mo tor vehicle sale or lease shall be
114	177		conditioned upon the consumer's payment for or financing of any
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115	205		charge for a motor vehicle financial protection product. However,
116	206		motor vehicle financial protection products may be discounted or
117	207		given at no charge in connection with the purchase of other non -
118	208		credit related goods or services.
119		-
120	209		SECTION 3. NEW LAW A new section of law to be codified
121	210		in the Oklahoma Statutes as Section 140.4 of Title 15, unless there
122	211		is created a duplication in numberin g, reads as follows:
123		-
124	212		A. As used in this section:
125		-
126	213		1. "Administrator" means a person, other than an insurer or
127	214		creditor that performs administrativ e or operational functions
128	215		pursuant to debt waiver programs;
129		-
130	216		2. "Borrower" means a debtor, retail buyer, or lessee, under a
131	217		finance agreement;
132		-
133	218		3. "Creditor" means:
134		-
135		-	ENR. S. B. NO. 1743 Page 4
136		-
137	219		a. the lender in a loan or credit transaction,
138		-
139	220		b. the lessor in a lease trans action,
140		-
141	221		c. any retail seller of motor vehicles,
142		-
143	222		d. the seller in commercial retail installment
144	223		transactions, or
145		-
146	224		e. the assignees of any of the foregoing to whom the
147	225		credit obligation is payable; and
148		-
149	226		4. "Debt waiver" includes, but is not limited to:
150		-
151	227		a. "guaranteed asset protection waivers" or "GAP waivers"
152	228		means a contractual agre ement wherein a creditor
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153	256		agrees, with or without a separate charge, to cancel
154	257		or waive all or part of amounts due on a borrowe r's
155	258		financial agreement in the event of a total physi cal
156	259		damage loss or unrecovered theft of the motor vehicle,
157	260		which an agreement shall be part of, or as a separate
158	261		addendum to, the financial agreement. A G AP waiver
159	262		may also provide, with or without a separate charge, a
160	263		benefit that waives an amount or provides a borrower
161	264		with a credit towards the purchase of a replacement
162	265		motor vehicle,
163		-
164	266		b. "excess wear and use waiver" means a contractual
165	267		agreement wherein a creditor agrees, with or without a
166	268		separate charge, to cancel or waive all or part of
167	269		amounts that may becom e due under a borrower's lease
168	270		agreement as a result of excessive wear and use of a
169	271		motor vehicle, which an agreement shall be part of, or
170	272		as a separate addendum to, the lease agreement.
171	273		Excess wear and use waivers may also cancel or waive
172	274		amounts due for excess mileage, and
173		-
174	275		c. other products as approved by the Insurance
175	276		Commissioner.
176		-
177	277		B. As required for offering debt waivers:
178		-
179		-	ENR. S. B. NO. 1743 Page 5
180		-
181	278		1. A retail seller shall insure its debt wa iver obligations
182	279		under a contractual liability or other insurance p olicy issued by an
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183	307		insurer. A creditor other than retail sellers may insure its debt
184	308		waiver obligations under a contractual liability policy or other
185	309		such policy issued by an insurer. A ny such insurance policy may be
186	310		directly obtained by a creditor or retail seller or may be obtained
187	311		by an administrator to cover a creditor's or retail seller's
188	312		obligations. However, retail sellers that are lessors on motor
189	313		vehicles are not required to insure obligations related to debt
190	314		waivers on such leased motor vehicles;
191		-
192	315		2. The debt waiver remains a part of the finance agreement upon
193	316		the assignment, sale, or transfer of such finance agreement by the
194	317		creditor;
195		-
196	318		3. Any creditor that offers a debt waiver shall report the sale
197	319		of, and subsequently forward the funds due to, the designated party
198	320		or parties; and
199		-
200	321		4. Funds received or held by a credito r or administrator that
201	322		belong to an insurer, creditor, or administrator shall be held by
202	323		such creditor or administrator in a fiduciary capacity.
203		-
204	324		C. Contractual Liability or Other I nsurance Policies.
205		-
206	325		1. Contractual liability or other insurance policies insuring
207	326		debt waivers shall state the obligation of the insurer to reimburse
208	327		or pay to the creditor any sum s the creditor is legally obligated to
209	328		waive under a debt waiver.
210		-
211	329		2. Coverage under a contr actual liability or other insurance
212	330		policy insuring a debt waiver shall also cover any subsequent
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213	358		assignee upon the assignment, sale, or transfer of the finance
214	359		agreement.
215		-
216	360		3. Coverage under a contractua l liability or other insurance
217	361		policy insuring a debt waiver shall remain in effect unless canceled
218	362		or terminated in compliance with applicable insurance laws of this
219	363		state.
220		-
221		-
222		-	ENR. S. B. NO. 1743 Page 6
223	364		4. The cancelation or termination of a contractu al liability or
224	365		other insurance policy shall not reduce the insurer's responsibility
225	366		for debt waivers issued by the creditor prior to the date of
226	367		cancelation or termination and for which the premium has been
227	368		received by the insurer.
228		-
229	369		D. Debt waivers shall disclose in writing and in clear,
230	370		understandable language the following:
231		-
232	371		1. The name and add ress of the initial creditor and the
233	372		borrower at the time of sa le and identity of any administrator if
234	373		different from the creditor;
235		-
236	374		2. The purchase price , if any, and the terms of the debt waiver
237	375		including without limitation, the requirements of protectio n,
238	376		conditions, or exclusions associated with the debt waiver;
239		-
240	377		3. That the borrower may cancel the debt waive r within a free
241	378		look period, as specified in the debt waiver, and will be entitled
242	379		to a full refund of the purchase price paid by the borrower, if any,
243	380		as long as no benefits have been provided ;
244	381
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245	408		4. The procedures the borrower shall follow, if any, t o obtain
246	409		debt waiver benefits under the terms and cond itions of the debt
247	410		waiver including, if applicable, a telephone number or website and
248	411		address where the borrower may apply for debt waiver benefits;
249		-
250	412		5. Whether or not the debt waiver may be canceled after the
251	413		free look period and the conditions under whic h it may be canceled
252	414		or terminated including the procedures for requesting any refund of
253	415		amounts paid;
254		-
255	416		6. That in order to receive any refund due in the event of a
256	417		borrower's cancelation of the debt waiver, the borrower, in
257	418		accordance with the term of the debt waiver, shall provide a written
258	419		request to cancel to the creditor, administ rator, or other such
259	420		party. If the cancelation of a debt waiver is due to an early
260	421		termination of the finance agreement and no benefit has been or will
261	422		be provided, then the borrower, in accordance with the terms of th e
262	423		debt waiver, shall provide a written request to c ancel to the
263	424		creditor or administrator within ninety (90) days of t he occurrence
264	425		of the event terminating the finance agreement;
265		-
266		-	ENR. S. B. NO. 1743 Page 7
267		-
268	426		7. The methodology for calculating any refund of the unearned
269	427		purchase price of the debt waiver, if any, shall be due in the event
270	428		of cancelation of the debt waiver or early termination of a fi nance
271	429		agreement; and
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273	457		8. That neither the extension of credit, the terms of the
274	458		credit, nor the terms of the related motor vehicle sale o r lease,
275	459		may be conditioned upon the borrower 's purchase of a debt waiver.
276		-
277	460		E. Cancelation.
278		-
279	461		1. Debt waiver agreements may be cancelable or non-cancelable
280	462		following the free look period. Debt waivers shal l provide the
281	463		borrower, if a borrower cancels a deb t waiver within the free look
282	464		period, a full refund of the amount the borrower paid, if any, as
283	465		long as no benefits hav e been provided.
284		-
285	466		2. In the event of a borrowe r's cancelation of the debt waiver
286	467		or upon the early termination of the finance agreement after the
287	468		debt waiver has been in effect beyond the free look period, the
288	469		borrower may be entitled to a refund of the amount the borrower paid
289	470		of the unearned portion of the purchase price, if any, minus a
290	471		cancelation fee not to exceed Seventy-five Dollars ($75.00), if no
291	472		benefit has been or will be provided. I n order to receive any
292	473		refund due in the event of a borrower 's cancellation of the debt
293	474		waiver, the borrower shall provide a written request to cancel , in
294	475		accordance with the terms of the debt waiver, to the creditor or
295	476		administrator. If the cancelation i s due to the early termination
296	477		of the finance agreement, then the borrower, in accordance with the
297	478		terms of the debt waiver, shall provide a written request to ca ncel
298	479		to the creditor or administrator within ninety (90) days of the
299	480		occurrence of the event terminating the finance agreement.
300	481
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301	508		3. If the cancelation of a debt waiver occurs as a result of a
302	509		default under the finance agreement or the repo ssession of the motor
303	510		vehicle associated with the finance agreement, or any other
304	511		termination of the finance agreement, any refund due may be paid
305	512		directly to the creditor or administrator, unless the borrower can
306	513		show that the finance agreement has been paid in full.
307		-
308	514		F. Exempt Transactions.
309		-
310		-	ENR. S. B. NO. 1743 Page 8
311		-
312	515		1. Debt waivers offered by state or federal banks or credit
313	516		unions in compliance with the applicable state or federal law are
314	517		exempt from this act.
315		-
316	518		2. Subsection D of this section and Section 5 of this act shall
317	519		not apply to debt waivers offered in connection wi th commercial
318	520		transactions.
319		-
320	521		SECTION 4. NEW LAW A new section of law to be codified
321	522		in the Oklahoma Statu tes as Section 140.5 of Title 15, unless there
322	523		is created a duplication in numbering, reads as foll ows:
323		-
324	524		A. As used in this section :
325		-
326	525		1. "Administrator" means the person who may be responsible for
327	526		the administrative or operational function of vehicle value
328	527		protection agreements including, but not limited to, the
329	528		adjudication of claims or benefits requested by contract holders;
330		-
331	529		2. "Contract holder" means a person who is the purchase r or
332	530		holder of a vehicle value protection agreement;
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333	557
334	558		3. "Provider" means a person that is obligated to provide a
335	559		benefit under a vehicle value protection agreement. A provid er may
336	560		perform as an administrator or retain the services of a third-party
337	561		administrator; and
338		-
339	562		4. "Vehicle value protection agreement " means a contractual
340	563		agreement that provides a benefit towards either the reduction of
341	564		some or all of the contract holder 's current finance agreement
342	565		deficiency balance, or towards the purchase o r lease of a
343	566		replacement motor vehicle or motor vehicle services, upon the
344	567		occurrence of an adverse event to the motor vehicle inc luding, but
345	568		not limited to, loss, theft, damage, obsolescence, diminished value,
346	569		or depreciation. These agreements do not include debt waivers.
347	570		These agreements may include, but not be limited to, trade-in-credit
348	571		agreements, diminished value agreements, depreciation benefit
349	572		agreements, or other similarly named agreements.
350		-
351	573		B. Requirements for offering vehicle value protection
352	574		agreements:
353		-
354		-	ENR. S. B. NO. 1743 Page 9
355		-
356	575		1. A provider may utilize an administrator or other designee to
357	576		be responsible for any and all of the adm inistration of vehicle
358	577		value protection agreemen ts in compliance with this act;
359		-
360	578		2. Vehicle value protection agreements shall not be sold un less
361	579		the contract holder has been or will be provided access to a copy of
362	580		that vehicle value protection agreement;
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363	607
364	608		3. In order to assure the faithful performance o f the
365	609		provider's obligations to its contract holders, each provider shall
366	610		be responsible for complying with the requirements of one of the
367	611		following:
368		-
369	612		a. insure all of its vehicle value protection agreements
370	613		under an insurance policy issued by an insurer
371	614		licensed, registered, or otherwise authorized to do
372	615		business in this state either:
373		-
374	616		(1) at the time the policy is filed with the
375	617		Insurance Commissioner, and con tinuously
376	618		thereafter, (i) maintain surplus as to
377	619		policyholders and paid-in capital no less than
378	620		Fifteen Million Dollars ($15,000,000.00) and (i i)
379	621		annually file copies of the insurer 's financial
380	622		statements, its National Association of Insurance
381	623		Commissioners (NAIC) Annual Statement, and the
382	624		actuarial certification required by and filed in
383	625		the insurer's state of domicile, or
384		-
385	626		(2) at the time the policy is filed with the
386	627		Commissioner, and continuously thereafter, (i)
387	628		maintain surplus as to policyholders and pai d-in
388	629		capital of less than Fifteen Million Dollars
389	630		($15,000,000.00) but at least equal to Ten
390	631		Million Dollars ($10,000,000.00), (ii)
	632	+
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391	659		demonstrate to the satisfaction of the
392	660		Commissioner that the company maintains a ratio
393	661		of net written premiums, wherever written, to
394	662		surplus as to policyholders and paid-in capital
395	663		of not greater than 3 to 1, and (iii) annually
396	664		file copies of the insurer's audited financial
397		-
398		-	ENR. S. B. NO. 1743 Page 10
399	665		statements, its NAIC Annual Statement, and the
400	666		actuarial certification required by and filed in
401	667		the insurer's state of domicile,
402		-
403	668		b. (1) maintain a funded reserve account for its
404	669		obligations under its contracts issu ed and
405	670		outstanding in this state. The reserves shall
406	671		not be less than forty p ercent (40%) of gross
407	672		considerations received, less claims paid, on t he
408	673		sale of the vehicle value protection agreement
409	674		for all in-force contracts. The rese rve account
410	675		shall be subject to examination and review by the
411	676		Commissioner,
412		-
413	677		(2) place in trust with the Commissioner a financial
414	678		security deposit, having a value not less than
415	679		five percent (5%) of the gross consideration
416	680		received, less claims paid, on the sale of the
417	681		vehicle value protection agreements for all
418	682		vehicle value protection agreements issued and in
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419	710		force, but not less than Twenty-five Thousand
420	711		Dollars ($25,000.00), consisting of the
421	712		following:
422		-
423	713		(a) a surety bond issued by an authorized
424	714		surety,
425		-
426	715		(b) securities of the ty pe eligible for deposit
427	716		by authorized insurers in this state,
428		-
429	717		(c) cash,
430		-
431	718		(d) a letter of credit issued by a qualified
432	719		financial institution, or
433		-
434	720		(e) another form of security prescribed by
435	721		regulations issued by the Commissioner, or
436		-
437	722		c. (1) maintain, or together with its parent company
438	723		maintain, a net worth or stockholders' equity of
439	724		One Hundred Million Dollars ($100,000,000.00), or
440		-
441		-
442		-	ENR. S. B. NO. 1743 Page 11
443	725		(2) upon request, provide the Commissioner with a
444	726		copy of the provider's or the provider's parent
445	727		company's most recent Form 10-K or Form 20-F
446	728		filed with the Securities and Exchange Commission
447	729		(SEC) within the last calendar year , or if the
448	730		company does not file with the SEC, a copy of the
449	731		company's audited financial statements, which
450	732		shows a net worth of the provider or its parent
451	733		company of at least One Hundred Million Dollars
	734	+
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452	761		($100,000,000.00). If the provider's parent
453	762		company's Form 10-K, Form 20-F, or financial
454	763		statements are filed to meet the provider's
455	764		financial security requirement, t hen the parent
456	765		company shall agree to guaran tee the obligations
457	766		of the provider relating to the vehicle value
458	767		protection agreements sold by t he provider in
459	768		this state; and
460		-
461	769		4. Except for the requirements in paragraph 3 of subsection B
462	770		of this section, no o ther financial security requirements shall be
463	771		required for vehicle value protection agreement providers.
464		-
465	772		C. Vehicle value protection agreeme nts shall disclose in
466	773		writing and in clear, understandable language the following:
467		-
468	774		1. The name and address of the provider, contract holder, and
469	775		administrator, if any;
470		-
471	776		2. The terms of the vehicle value protection agreement
472	777		including without limitation, the purchase price to be paid by the
473	778		contract holder, the requirements for eligibility, conditions of
474	779		coverage, or exclusions;
475		-
476	780		3. That the vehicle value protection agreement may be canceled
477	781		by the contract holder within a free look period as specified in the
478	782		vehicle value protection agreement, and in such an event, the
479	783		contract holder shall be entitled to a full refund of the purchase
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480	811		price paid by the contract holder, if any, as long as no benefits
481	812		have been provided;
482		-
483	813		4. The procedure the contract holder shall follow, if any, to
484	814		obtain a benefit under the terms and conditions of the vehicle value
485		-
486		-	ENR. S. B. NO. 1743 Page 12
487	815		protection agreement including, if applicable, a telephone number or
488	816		website and address where the contract holder may apply for a
489	817		benefit;
490		-
491	818		5. Whether or not the vehicle value protection agreement is
492	819		cancelable after the free look period and the conditions under which
493	820		it may be canceled including the procedures for req uesting any
494	821		refund of the unearned purchase price paid by the contract holder;
495		-
496	822		6. In the event of cancelation, the methodology for calculating
497	823		any refund of the unearned purchase price of the vehicle value
498	824		protection agreement due;
499		-
500	825		7. That neither the extension of credit, the terms of the
501	826		credit, nor the terms of the related motor vehicle sale or lease may
502	827		be conditioned upon the purchase of the vehicle value protection
503	828		agreement; and
504		-
505	829		8. Vehicle value protectio n agreements shall state the terms
506	830		and restrictions, or conditions governing cancelation of the vehicle
507	831		value protection agreement prior to the termination or expiration
508	832		date of the vehicle va lue protection agreement by either the
509	833		provider or the contract holder. The provider of the vehicle value
510	834		protection agreement shall mail a written notice to the contract
	835	+
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	837	+	BOLD FACE denotes Committee Amendments. 1
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511	862		holder at the last known address of the contract holder contained in
512	863		the records of the provider at least five (5) days prior to
513	864		cancelation by the provider. Prior notice shall not be required if
514	865		the reason for cancelation is nonpayment of the provider fee, a
515	866		material misrepresentation by the contract holder to the provider or
516	867		administrator, or a substantial breach of duties by the contract
517	868		holder relating to the covered product or its use. The n otice shall
518	869		state the effective date of cancelation and the reason for the
519	870		cancelation. If a vehicle value protection agreement is canceled by
520	871		the provider for a reason other than nonpayment of the provider fee,
521	872		the provider shall refund the contract hold er one hundred percent
522	873		(100%) of the unearned pro rata provider fee paid by the contract
523	874		holder, if any. If coverage under the vehicle value pr otection
524	875		agreement continues after a claim, then any refund may deduct claims
525	876		paid. A reasonable administrative fee may be charged by the
526	877		provider not to exceed Seventy-five Dollars ($75.00).
527		-
528		-
529		-	ENR. S. B. NO. 1743 Page 13
530	878		D. Subsection C of this section and Section 5 of this act shal l
531	879		not apply to vehicle value protection agreements offered in
532	880		connection with a commercial transaction.
533		-
534	881		SECTION 5. NEW LAW A new section of law to be codified
535	882		in the Oklahoma Statutes a s Section 140.6 of Title 15, unless there
536	883		is created a duplication in numbering, reads as follows:
537	884
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538	911		The Insurance Commissioner shall promulgate rules necessary to
539	912		enforce the provisions of this act. After proper notice and
540	913		opportunity for hearing the Commissioner may:
541		-
542	914		1. Order the creditor, provider, administrator, or any other
543	915		person not in compliance with this act to cease and desist from
544	916		product related operations which are in violation of this act; and
545		-
546	917		2. Impose a penalty not to exceed Five Hundred Dollars
547	918		($500.00) per violation and no more than Ten Thousand Dollars
548	919		($10,000.00) for aggregated violations of a similar nature. For
549	920		purposes of this section, "violations of a similar nature" means the
550	921		violation consisted of the same or similar course of conduct,
551	922		action, or practice, irrespecti ve of the number of times the action,
552	923		conduct, or practice which is determined to be a violation of this
553	924		act occurred.
554		-
555	925		SECTION 6. NEW LAW A new section of law to be codified
556	926		in the Oklahoma Statutes as Section 140.7 of Title 15, unless there
557	927		is created a duplication in numbering, reads as follows:
558		-
559	928		The Legislature finds that motor vehicle financi al protection
560	929		products shall not be insurance. All motor vehicle financial
561	930		protection products issued prior to and after the effective date of
562	931		this act shall not be construed as insurance.
563		-
564	932		SECTION 7. This act shall become effective Novemb er 1, 2022.
565	933
566		-
567		-	ENR. S. B. NO. 1743 Page 14
568		-	Passed the Senate the 8th day of March, 2022.
569		-
570		-
571		-
572		-	Presiding Officer of the Senate
573		-
574		-
575		-	Passed the House of Representatives the 13th day of April, 2022.
576		-
577		-
578		-
579		-	Presiding Officer of the House
580		-	of Representatives
581		-
582		-	OFFICE OF THE GOVERNOR
583		-	Received by the Office of the Governor this _______ _____________
584		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
585		-	By: _______________________________ __
586		-	Approved by the Governor of the State of Oklahoma this _____ ____
587		-	day of ___________________, 20_______, at _____ __ o'clock _______ M.
588		-
589		-	_________________________________
590		-	Governor of the State of Oklahoma
591		-
592		-
593		-	OFFICE OF THE SECRETARY OF STATE
594		-	Received by the Office of the Secretary of State this _______ ___
595		-	day of __________________, 20 _______, at _______ o'clock _____ __ M.
596		-	By: _______________________________ __
	934	+	COMMITTEE REPORT BY: COMMITTEE ON BANKING, FINANCIAL SERVICES AND
	935	+	PENSIONS, dated 04/04/2022 - DO PASS.