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: SB 0739'25

SB 751 amends Section 3 of Michigan's Guaranteed Asset Protection Waiver Act (2009 PA 229) to clarify key terms and establish a mandatory 30-day free look period. This means borrowers who purchase motor vehicle financing (like loans or leases) can cancel a guaranteed asset protection waiver - where a creditor charges extra to cover vehicle damage/theft losses - within 30 days without penalty, fees, or costs. The bill directly affects borrowers in motor vehicle financing transactions, defining terms like "borrower," "creditor," and "guaranteed asset protection waiver" more precisely. It requires the free look period to begin on the waiver's effective date, giving consumers a clear window to reconsider the purchase. Note: This bill's effective date depends on Senate Bill 739 also becoming law.