Bill > SB65

This bill proposes several modifications to Ohio's motor vehicle and insurance laws, focusing on ancillary product protection contracts, vehicle value protection agreements, and insurance-related regulations. The bill introduces new definitions and provisions for excess wear and use waivers, which are contractual agreements that can cancel or waive charges related to vehicle lease damages or mileage. It clarifies that these waivers are not insurance products and can be offered with other goods or services. The bill expands definitions of motor vehicles to include utility and under-speed vehicles, and provides more detailed regulations for motor vehicle ancillary product protection contracts, such as requirements for reimbursement insurance policies and contract disclosures. Additionally, the bill modifies rules around uninsured driver reporting, assigned risk insurance plans, and the process by which insurance agents can submit applications to these plans. The legislation aims to provide more clarity and consumer protections in vehicle-related financial agreements, ensuring transparency in contract terms, cancellation procedures, and insurance coverage options. The bill updates existing law to reflect current market practices and address potential gaps in consumer protection related to vehicle contracts and insurance.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/sb65