Effective State Changes

ARIZONA

The State of Arizona’s Department of Insurance and Financial Institutions published on July 31, 2025, matters in regard to new prima facia credit life insurance and credit disability rates.

Credit disability rates are changing as follows:

For Class 1 – Credit Unions – Rates Per $100 Per Annum

For Class 2 – Banks, Savings and Loans Institutions and Mortgage Companies – Rates Per $100 Per Annum

For Class 3 – Finance Companies, Small Loan Companies, and A.R.S. 6-601(5) Consumer Lenders – Rates Per $100 Per Annum

For Class 4 – Dealers, Including Auto, Truck, and Boat Dealers, Retail Stores and other persons selling financed goods – Rates Per $100 Per Annum

For Class 5 – All other persons selling credit insurance not specifically listed in the above classes – Rates Per $100 Per Annum

Credit life rates are changing as follows:

• Monthly Outstanding Balance:
  • Single Life: $0.84 per month per $1,000 of outstanding insured debt
  • Joint Lives: $1.39 per month per $1,000 of outstanding insured debt
• Single Premium:
  • Single Life
    • Decreasing Term Life: $0.36 per year per $1000 indebtedness
    • Level Term Life: $0.83 per year per $1000 original indebtedness
  • Joint
    • 1.65 times (or 165%) of the single life rate

Effective February 1, 2026.

MISSISSIPPI

Pursuant to SB 2803, the Mississippi State Tax Commission finalized regulations (35.VI.1.05) to establish a new exemption for ATVs from ad valorem tax when held by a retailer on a consignment or floor plan basis. An ATV is defined as a motor vehicle that is designed for off-road use and is not required to have a motor vehicle road or bridge privilege license. The ATV designation includes utility task vehicles, also known as side-by-sides, but does not include electric bicycles. Effective January 1, 2026.

NEW HAMPSHIRE

SB 156 allows the Division of Motor Vehicles to contract with a third-party vendor to facilitate the secure electronic transfer of title applications and information. Effective September 13, 2025.

NEW JERSEY

SB 3309 creates the “Motor Vehicle Open Recall Notice and Fair Compensation Act” which changes a franchisor’s compensation for work done by motor vehicle franchisee dealers related to a warranty or manufacturer recall. Effective January 1, 2026.