Bill > SB0751

This bill amends the Guaranteed Asset Protection (GAP) Waiver Act by updating and clarifying various definitions related to motor vehicle sales and financing. The bill modifies several key terms, including changing references to the "commissioner of the office of financial and insurance regulation" to the "director of the department of insurance and financial services" and updating language around definitions of borrowers, creditors, finance agreements, and motor vehicles. The changes include expanding the definition of motor vehicles to explicitly include items like recreational vehicles, all-terrain vehicles, boats, and personal watercraft, while also clarifying that tracked or airborne vehicles are not included. The bill also removes some redundant references to other acts like the Motor Vehicle Sales Finance Act and the Retail Installment Sales Act, while maintaining the substantive definitions from those acts. Importantly, the bill is tied to another piece of legislation (Senate Bill 739) and will only take effect if that companion bill is also enacted into law. These modifications aim to provide more precise and comprehensive definitions to improve clarity and consistency in the regulation of motor vehicle sales and financial agreements.