A bill to amend 2009 PA 229, entitled “Guaranteed asset protection waiver act,” by amending the title and sections 1, 3, 5, 7, 9, and 11 (MCL 492.21, 492.23, 492.25, 492.27, 492.29, and 492.31), by adding sections 3a, 4, and 9a and parts 5 and 9, and by designating section 1 as part 1, section 3 as part 2, section 3a as part 3, sections 4, 5, 7, 9, and 9a as part 4, and section 11 as part 6; and to repeal acts and parts of acts.
This bill aims to regulate the offering of motor vehicle financial protection products, including guaranteed asset protection waivers, excess wear and use waivers, and vehicle value protection agreements. It outlines the responsibilities of state governmental entities, provides remedies, introduces relevant definitions, and ensures charges for these products are authorized and separately stated.
Co-sponsored by Sens.
Referred to the Committee on Regulatory Affairs
