Bill > H4925

This bill aims to regulate the offering and sale of debt waivers for motor vehicle finance agreements in Massachusetts. The key provisions include: defining important terms like "debt waiver," "guaranteed asset protection waiver," and "excess wear and use waiver"; requiring creditors to insure their debt waiver obligations with insurance policies; mandating specific disclosures to consumers about the debt waiver terms, including a free look period and cancellation/refund policies; and granting the commissioner the authority to enforce the law and impose penalties for non-compliance. The bill exempts debt waivers offered by state or federal banks and credit unions that comply with applicable laws.

Budget and Finance

Joint Committee on Consumer Protection and Professional Licensure (Joint)

https://malegislature.gov/Bills/193/H4925