The bill amends the Guaranteed Asset Protection Waiver Act by updating definitions and clarifying terms related to guaranteed asset protection waivers for motor vehicles. Key changes include redefining "Administrator," "Borrower," "Commissioner," "Creditor," "Finance agreement," and "Motor vehicle," among others. The term "Borrower" now explicitly includes installment and retail buyers, while the "Commissioner" is redefined as the director of the Department of Insurance and Financial Services. Additionally, the bill specifies that the "Free look period" for borrowers to cancel a waiver without penalties must not be less than 30 days.

Furthermore, the bill introduces new legal references to the Motor Vehicle Sales Finance Act and the Retail Installment Sales Act, ensuring that terms such as "Installment buyer," "Installment seller," and "Retail buyer" are aligned with existing legislation. The amendments aim to enhance clarity and consistency in the law governing guaranteed asset protection waivers, thereby improving consumer understanding and protection in financial transactions related to motor vehicles. The enactment of this bill is contingent upon the passage of Senate Bill No. 739.

Statutes affected:
Senate Introduced Bill: 492.23