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 and mileage in motor vehicle leases, clarifying that these waivers are not insurance products and that lease terms cannot depend on consumer payment for them. Additionally, the bill specifies that debt cancellation or suspension products may assist in purchasing replacement vehicles and must be clearly disclosed to buyers. It also establishes that all motor vehicle ancillary product protection contracts must be backed by a reimbursement insurance policy, ensuring contract holders can seek performance from insurers if providers fail to meet obligations.

Further amendments include updates to definitions and requirements for contracts that do not qualify as insurance unless issued by authorized insurers, with specific changes in references. The bill allows any person involved in a motor vehicle accident to report the incident within six months, rather than just the driver, and establishes a framework for an assigned risk insurance plan, requiring insurance agents to confirm that applicants cannot obtain coverage through authorized insurers before submitting applications. It 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