MI HB5429

Renames the "guaranteed asset protection waiver act" to the "motor vehicle financial protection products act" and expands its scope to regulate debt waivers and vehicle value protection agreements for motor vehicles.

Establishes requirements for offering debt waivers (including guaranteed asset protection waivers and excess wear and use waivers) with mandatory disclosures, free look periods of at least 30 days for cancellation with full refunds, and insurance or financial security requirements for creditors.

Creates a new framework for vehicle value protection agreements that provide benefits toward reducing finance agreement deficiencies or purchasing replacement vehicles, with financial security options including insurance policies, reserve accounts, or maintaining specified net worth thresholds.

Prohibits conditioning extension of credit or motor vehicle sales/leases on the purchase of any motor vehicle financial protection product, and allows cancellation fees of up to $75 for post-free-look-period cancellations if no benefits have been provided.

Grants the director of the department of insurance and financial services enforcement authority to issue cease-and-desist orders and assess administrative fines up to $500 per violation (maximum $20,000 aggregate for similar violations) for non-compliance, effective 180 days after enactment pending passage of companion bills HB 5430, HB 5431, and HB 5432.