The bill updates regulations related to ancillary product protection contracts, vehicle value protection agreements, and replica and rental motor vehicles, as well as issues concerning uninsured drivers. Key insertions include the definitions of "excess wear and use waiver" and "vehicle value protection agreements," which clarify that these agreements are not insurance products and outline conditions for cancellation. The bill also modifies existing definitions and requirements for motor vehicle ancillary product protection contracts, ensuring they are covered by reimbursement insurance policies and mandating clear statements that they are not insurance. Additionally, it introduces a new exemption for contracts involving tire manufacturers, provided they specify that they are not insurance contracts.

Moreover, the bill establishes new provisions for replica motor vehicles, including a registration fee and requirements for obtaining a certificate of title, which must include specific information about the vehicle. It also outlines the responsibilities of rental vehicle operators regarding liability for violations and introduces regulations for insurance agents applying for automobile insurance through a designated plan. The bill emphasizes the confidentiality of records related to an assigned risk insurance plan for uninsured drivers and clarifies that licensed collector's vehicles and replica motor vehicles are exempt from newer compliance regulations. Overall, the legislation aims to modernize and streamline the legal framework governing these financial products and vehicle classifications in Ohio.

Statutes affected:
As Introduced: 1317.05, 3905.426, 4501.01, 4503.21, 4505.08, 4509.06, 4509.70, 4513.071, 4513.38, 4513.41