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 on consumer payments. The bill also introduces definitions for "finance agreement" and "vehicle value protection agreement," mandates that all motor vehicle ancillary product protection contracts be covered by a reimbursement insurance policy, and establishes conditions for the cancellation of vehicle value protection agreements, including prior notification to contract holders.

Additionally, the bill updates definitions and requirements for contracts that do not constitute insurance unless issued by authorized insurers, specifically modifying references in the code. It allows any person involved in a motor vehicle accident with an uninsured driver to report the incident within six months and establishes a framework for an assigned risk insurance plan, requiring insurance agents to verify that applicants cannot obtain coverage through authorized insurers before submitting applications. The bill also repeals existing sections of the Revised Code that are replaced by these new provisions, aiming for a more streamlined approach to insurance regulation and accident reporting.

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