The bill amends various sections of the Revised Code to enhance regulations surrounding ancillary product protection contracts, vehicle value protection agreements, and the reporting of accidents involving 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 and mileage in motor vehicle leases, clarifying that these waivers are not insurance products and cannot be contingent upon consumer payments. The bill also specifies that debt cancellation or suspension products can provide benefits for purchasing replacement vehicles and must be disclosed in retail installment contracts. Additionally, it establishes a definition for "vehicle value protection agreement," requiring these contracts to be backed by reimbursement insurance policies, ensuring that contract holders can seek performance directly from insurers if providers fail to meet their obligations.

Further amendments include changes to the definitions and requirements for contracts that do not constitute insurance, with specific references updated in the legal language. The bill also revises the process for reporting motor vehicle accidents involving uninsured drivers, expanding the definition of who may report and the timeline for reporting. New due diligence requirements for insurance agents are introduced, mandating that they contact multiple authorized insurers to confirm the inability to procure coverage before applying under the assigned risk insurance plan. The legislation aims to streamline insurance regulations and improve consumer protection in relation to vehicle-related financial products.

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