OH SB157

Enacts new section 1310.251 establishing that excess wear and use waivers for motor vehicle leases are not insurance products and cannot be conditioned on consumer payment.

Amends section 1317.05 to clarify that debt cancellation or debt suspension products are not insurance, must be listed as a specific good rather than a finance charge, and cannot condition credit terms on their purchase.

Amends section 3905.426 to define motor vehicle ancillary product protection contracts, vehicle value protection agreements, and establish requirements for reimbursement insurance policies covering such contracts.

Requires motor vehicle ancillary product protection contracts to include conspicuous disclosures stating they are not insurance, that provider obligations are guaranteed under a reimbursement insurance policy, and providing insurer contact information.

Establishes a 30-day cancellation period for vehicle value protection agreements with full refund entitlement if no benefits have been provided, and allows administrative fees up to $75 for refunds.