AB 2311 (GAP WAIVERS) & CFPB 5th Circuit Decision

Webinar

MONDAY, NOVEMBER 21, 2022 at 10:00 a.m

On September 13, 2022, Governor Gavin Newsom approved AB 2311. Among other things, AB 2311 significantly expands consumer protections with regard to the offer, sale and administration of Guaranteed Asset Protection Waivers (“GAP Waivers”) in connection with motor vehicle conditional sale contracts. The new laws will go into effect on January 1, 2023.

AB 2311 adds Civil Code Section 2982.12 which affects motor vehicle conditional sales contracts by requiring new GAP waiver disclosures, adding new GAP waiver consumer termination rights, and setting forth new stringent refund procedures after a GAP waiver terminates.

These new rules will significantly affect all California motor vehicle conditional sales contracts which include GAP waivers and the manner in which your financial institution administers and buys conditional sales contracts from motor vehicle dealerships and conditional sale contract “brokers.” It will also affect certain notices financial institutions send to their buyers/consumers in connection with the motor vehicle sales contracts

Join Karel Rocha, Esq. on MONDAY, NOVEMBER 21, 2022, at 10:00 a.m. Pacific Time for a discussion of these new and important developments. Mr. Rocha will also be discussing the recent 5th Circuit appellate decision which ruled that the CFPB’s funding structure is unconstitutional and the CFPB’s recent response.

This WEBINAR will be LIVE on NOVEMBER 21, 2022, and thereafter available for replay for 60 days. Mr. Rocha will also provide POWERPOINT slides for all attendees who sign up.

The cost of this webinar will be $99.00 per attendee and is expected to last 1 to 1.5 hours.

Please contact Karel Rocha at krocha@pnbd.com to sign up for the webinar, receive your Square Invoice link, and to receive your Microsoft Teams Webinar link. We look forward to having you join us for this webinar.