MI HB4989

Regulates guaranteed asset protection (GAP) waivers offered in connection with motor vehicle finance agreements, requiring creditors to comply beginning 180 days after enactment.

Requires GAP waivers to include a minimum 30-day free look period allowing borrowers to cancel without penalty and receive full refunds if no benefits were received.

Mandates that installment and retail sellers insure GAP waiver obligations through contractual liability or other insurance policies issued by authorized insurers.

Requires clear written disclosure of waiver terms, conditions, cancellation rights, refund procedures, and a prohibition on conditioning credit extension on waiver purchase.

Authorizes the Commissioner of Financial and Insurance Regulation to enforce compliance through cease-and-desist orders and administrative fines up to $500 per violation, with aggregate fines capped at $20,000 for similar violations.