Bill > S208

This bill establishes regulations for motor vehicle financial protection products, which are agreements that protect a consumer's financial interest in their current or future motor vehicle. The key provisions include: 1. Allowing the offering of motor vehicle financial protection products, such as debt waivers and vehicle value protection agreements, in compliance with the requirements outlined in the bill. 2. Specifying that the amount charged or financed for these products is an authorized charge that must be separately stated and is not considered a finance charge or interest. 3. Requiring debt waivers to be insured under a contractual liability or other insurance policy, and setting disclosure requirements for debt waivers. 4. Establishing requirements for offering vehicle value protection agreements, including options for financial security to assure the provider's obligations, and disclosure requirements. 5. Granting the Commissioner of Banks the authority to enforce the provisions of the bill and impose penalties for non-compliance. 6. Stating that motor vehicle financial protection products are not considered insurance. The bill applies to all such products that become effective 180 days or more after the bill's effective date, and does not require changes to existing debt waivers or vehicle value protection agreements.

Labor and Employment

https://malegislature.gov/Bills/193/S208