An Act relative to motor vehicle debt waivers

This bill updates the rules for debt waivers, which are contracts that cover the remaining balance on a car loan or lease if the vehicle is totaled or stolen. It directly affects lenders, car dealers, and consumers by requiring that these waivers be sold separately from the main loan and cannot be used as a condition to get financing. The legislation mandates clear written disclosures about the waiver's cost, terms, and a minimum 30-day window for consumers to cancel the product with a full refund. Additionally, it requires creditors to carry insurance that protects them against having to pay out on these waivers and establishes specific guidelines for how refunds must be calculated if a consumer cancels.