MI SB0616

Expands the definition of "guaranteed asset protection waiver" to include waivers that cover death or disability of the borrower, in addition to total physical damage loss or unrecovered theft of a motor vehicle.

Changes the oversight agency for the Commissioner of the office of financial and insurance regulation from the "Department of Energy, Labor, and Economic Growth" to the "Department of Licensing and Regulatory Affairs."

Maintains the requirement that a free look period for canceling a guaranteed asset protection waiver must be at least 30 days with no penalty, fees, or costs to the borrower.

Defines key terms including "administrator," "borrower," "creditor," "finance agreement," and "motor vehicle" for purposes of the guaranteed asset protection waiver program.

Applies to various types of vehicle financing arrangements including installment sales, retail installment contracts, leases, and sales finance company transactions.