An Act relative to motor vehicle debt waivers
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to establish a process for motor vehicle debt waivers in Massachusetts. It aims to provide relief to consumers facing financial hardship related to their vehicle loans by potentially allowing for debt forgiveness or modifications. The bill seeks to create a framework for lenders and consumers to work together to resolve outstanding debts, particularly for those experiencing economic difficulties. It is currently under review by the House Committee on Ways and Means.
Key provisions
- Establishes a process for motor vehicle debt waivers.
- Allows for potential debt forgiveness or loan modifications.
- Targets consumers facing financial hardship.
- Requires collaboration between lenders and borrowers.
- Specifies criteria for eligibility for debt waivers.
- Creates a framework for determining appropriate debt relief measures.
- Addresses the impact of economic difficulties on vehicle loan repayment.
Who is affected
- Consumers with motor vehicle loans
- Motor vehicle lenders
- Massachusetts residents
Notable changes
- Introduces a new mechanism for addressing motor vehicle debt.
- Potentially alters existing debt collection practices.
- May provide relief to individuals struggling with vehicle loan payments.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Meghan K. Kilcoyne
Cosponsors
Jacob R. Oliveira
Meghan K. Kilcoyne
Arguments
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