The bill amends various sections of the Revised Code to enhance regulations surrounding ancillary product protection contracts, vehicle value protection agreements, and uninsured drivers. A new section, 1310.251, is introduced to define "excess wear and use waiver," which allows lessors to waive charges for excess wear, use, or mileage in motor vehicle leases, clarifying that these waivers are not insurance products. The bill also stipulates that the terms of a motor vehicle lease cannot depend on the consumer's payment for such waivers and mandates that debt cancellation or suspension products must be disclosed as specific goods in retail installment contracts. Additionally, it introduces definitions for "finance agreement" and "vehicle value protection agreement," ensuring that all ancillary product protection contracts are backed by a reimbursement insurance policy.

Further amendments include updates to the definitions and requirements for contracts that do not constitute insurance unless issued by an authorized insurer, specifically changing references from division (A)(3)(c)(i) to (A)(4)(c)(i). The bill clarifies that rights against reimbursement insurance policy insurers apply only to specified policies and exempts certain contracts involving tire manufacturers from specific requirements if they include disclaimers about their non-insurance status. It also modifies the reporting process for motor vehicle accidents, allowing individuals to report uninsured drivers within six months and establishes a framework for the assigned risk insurance plan, including confidentiality provisions and responsibilities for insurance agents. Lastly, the bill repeals existing sections of the Revised Code that are replaced by the new provisions.

Statutes affected:
As Introduced: 1317.05, 3905.426, 4501.01, 4503.21, 4505.08, 4509.06, 4509.70, 4513.071, 4513.38, 4513.41
As Reported By Senate Committee: 1317.05, 3905.426, 4509.06, 4509.70
As Passed By Senate: 1317.05, 3905.426, 4509.06, 4509.70