Consumer protection: other; citations to the motor vehicle sales finance act in the guaranteed asset protection waiver act; revise. Amends sec. 3 of 2009 PA 229 (MCL 492.23). TIE BAR WITH: SB 0739'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill revises the Guaranteed Asset Protection Waiver Act by clarifying definitions of key terms used within the legislation. Specifically, it updates the definitions of terms like ‘Administrator,’ ‘Borrower,’ ‘Creditor,’ ‘Free Look Period,’ and ‘Guaranteed Asset Protection Waiver’ to align with existing definitions in the Motor Vehicle Sales Finance Act. The bill also clarifies the roles and responsibilities of various parties involved in these agreements.
Key provisions
- Defines ‘Administrator’ as a person performing administrative functions in GAP waiver programs.
- Defines ‘Borrower’ as a person purchasing or leasing a motor vehicle.
- Defines ‘Creditor’ as a person extending credit for a motor vehicle.
- Establishes a ‘Free Look Period’ of at least 30 days for borrowers to cancel a GAP waiver.
- Defines ‘Guaranteed Asset Protection Waiver’ as a contractual agreement waiving debt in case of vehicle loss.
- Refers to existing definitions from the Motor Vehicle Sales Finance Act for terms like ‘Installment Buyer’ and ‘Installment Seller.’
- Clarifies the scope of ‘Finance Agreement’ to include loans, leases, and installment sales.
- Defines ‘Retail Seller’ and ‘Retail Buyer’ using definitions from the Retail Installment Sales Act.
Who is affected
- Motor vehicle buyers and lessees
- Creditors extending credit for motor vehicles
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