An Act relative to motor vehicle financial protection products

This bill creates a new chapter in Massachusetts law to regulate motor vehicle financial protection products, which are agreements like GAP waivers that help cover a car's value after theft or damage. It directly affects consumers buying vehicles and the lenders, dealers, and companies that sell these financial products. The legislation establishes specific definitions for these products and requires that they be offered in compliance with the new rules, while clarifying that these agreements are not insurance. Additionally, the bill mandates a minimum 30-day "free look period" during which consumers can cancel these products without penalty.