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S270 • 2025

Credit Property Insurance Restrictions.-AB

Credit Property Insurance Restrictions.-AB

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Johnson, Britt, Settle
Last action
2025-03-13
Official status
Ref To Com On Rules and Operations of the Senate
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Credit Property Insurance Restrictions.-AB

Credit Property Insurance Restrictions.-AB

What This Bill Does

  • Credit Property Insurance Restrictions.-AB

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2025-03-13 Senate

    Ref To Com On Rules and Operations of the Senate

  2. 2025-03-13 Senate

    Passed 1st Reading

  3. 2025-03-12 Senate

    Filed

Official Summary Text

Credit Property Insurance Restrictions.-AB

Current Bill Text

Read the full stored bill text 
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 270

Short Title: Credit Property Insurance Restrictions.-AB (Public)
Sponsors: Senators Johnson, Britt, and Settle (Primary Sponsors).
Referred to: Rules and Operations of the Senate
March 13, 2025
*S270-v-1*
A BILL TO BE ENTITLED 1
AN ACT PROHIBITING T HE INCLUSION OF CERT AIN AUTOMOBILE PHYSI CAL 2
DAMAGE INSURANCE COV ERAGE IN A CREDIT PR OPERTY INSURANCE 3
POLICY, AS RECOMMENDED BY THE DEPARTMENT OF INSURANCE. 4
The General Assembly of North Carolina enacts: 5
SECTION 1. G.S. 58-57-100 reads as rewritten: 6
"§ 58-57-100. Credit property insurance; automobile physical damage insurance. 7
… 8
(c) Automobile physical damage insurance as described in this section shall not include 9
any of the following: 10
(1) Coverage for the cost of repossession. 11
(2) Skip, confiscation, and conversion coverage . For the purposes of this 12
subdivision, "skip, confiscation, and conversion coverage " means insurance 13
which provides coverage when a borrower has sold, traded, or disposed of the 14
collateral, or the borrower and the collateral cannot be found. 15
(3) Coverage that requires a borrower 's insurance deductible to be less than two 16
hundred fifty dollars ($250.00). 17
(4) Coverage that is broader than the insurance coverages that meet the minimum 18
insurance requirements in subsection (a) of this section. 19
(d) Nothing in subsection (c) of this section prohibits the issuance of a separate policy or 20
endorsement providing the coverages listed in subsection (c) of this section, so long as no charge 21
is passed along to the borrower for those coverages." 22
SECTION 2. This act is effective when it becomes law and applies to contracts 23
issued, renewed, or amended on or after that date. 24