Consumer protection: other; citations to the motor vehicle sales finance act in the guaranteed asset protection waiver act; revise. Amends sec. 3 of 2009 PA 229 (MCL 492.23). TIE BAR WITH: HB 5354'23

This bill amends the Michigan Guaranteed Asset Protection Waiver Act to update the list of defined terms used throughout the law. It clarifies the meanings of key concepts such as borrower, creditor, finance agreement, and motor vehicle to ensure consistency with other state statutes. The changes also specify that a free look period for cancelling a waiver must be at least 30 days starting from the effective date. This legislative update directly affects lenders, insurers, and consumers involved in motor vehicle financing and leasing.