MS HB1195

Creates Chapter 52, Title 83 of Mississippi Code to establish a framework for offering guaranteed asset protection (GAP) waivers on motor vehicle finance agreements, leases, and retail installment sales.

Exempts GAP waivers from insurance regulation and licensing requirements when offered in compliance with the chapter, though retail sellers must insure their GAP waiver obligations through a contractual liability or other insurance policy.

Requires GAP waivers to include written disclosure of terms, conditions, a minimum 30-day free look period with full refund rights, cancellation procedures, refund calculation methods, and confirmation that credit extension cannot be conditioned on purchasing the waiver.

Allows borrowers to cancel GAP waivers during the free look period for a full refund, and may be entitled to refunds of unearned portions if cancelled after this period or if the finance agreement terminates early.

Grants the Office of Attorney General, Consumer Protection Division authority to enforce the chapter and impose penalties up to $500 per violation or $10,000 in aggregate for similar violations; effective July 1, 2018.