Guaranteed Asset Protection coverage has been receiving attention in state capitols, leading to speculation that lawmakers might be filing GAP bills at a rate not seen for more than a decade, an American Financial Services Association regulatory expert said this month.
During the organization's Vehicle Finance Conference & Expo on March 9, Senior Vice President Danielle Arlowe presented data tracking legislative activity on auto finance issues during multiple two-year periods — time frames meant to roughly capture different states' sessions.
The association counted 14 GAP-related bills during the 2019 to 2021 biennium. For the 2021 to 2023 period, the organization has already recorded 30 pieces of legislation. And it's early in the period, Arlowe said.
Arlowe predicted the auto finance sector would see a "spike" in GAP actions in statehouses, probably reaching the level of the 59 measures proposed during the 2009 to 2011 period.