An Act relative to motor vehicle financial protection products

This bill establishes a new chapter in Massachusetts law to regulate motor vehicle financial protection products, such as GAP waivers and excess wear and use waivers, which are offered to consumers buying or leasing cars. The legislation defines key terms like "borrower" and "creditor" and mandates that these products must include a free look period of at least 30 days, allowing customers to cancel the agreement without penalty. It also clarifies that these financial protection products are distinct from insurance and sets the framework for how they can be sold and administered within the state.