Bill > H346

This bill aims to regulate the offering of "motor vehicle financial protection products" in the state, including debt waivers and vehicle value protection agreements. The key provisions include: 1. Defining key terms such as "debt waiver," "vehicle value protection agreement," and "motor vehicle financial protection products." 2. Establishing requirements for offering debt waivers, including that they must be insured by an insurance policy and provide certain disclosures to consumers. 3. Establishing requirements for offering vehicle value protection agreements, including that providers must either insure the agreements, maintain a reserve fund, or have a certain level of net worth. 4. Providing a "free look period" of at least 30 days, during which consumers can cancel the products and receive a full refund. 5. Prohibiting the extension of credit, the terms of credit, or the terms of the motor vehicle sale or lease from being conditioned on the purchase of these products. 6. Granting the Commissioner of Banks the authority to enforce the provisions of the bill and impose penalties for violations. 7. Clarifying that these products are not considered insurance. The bill applies to all motor vehicle financial protection products that become effective 180 days after the effective date of the act, but does not require changes to existing products.

Labor and Employment

https://malegislature.gov/Bills/193/H346