MI SB0344

Changes terminology from "guaranteed asset protection waiver" to "motor vehicle financial protection product" throughout the Retail Installment Sales Act to align with 2009 PA 229.

Updates contract language requirements by replacing "shall" with "must" and modernizing pronoun references (e.g., "his or her" replaced with "the individual's" or "the buyer's").

Requires retail installment contracts for vehicles to separately state the cost of motor vehicle financial protection products, which are not considered finance charges or interest under Truth in Lending Act regulations.

Specifies that retailers offering motor vehicle financial protection products must comply with 2009 PA 229 (MCL 492.21 to 492.34) and defines key terms by reference to that act.

Takes effect 180 days after enactment and is contingent on Senate Bill No. 343 of the 102nd Legislature being enacted into law.