Vote Smart's Synopsis:

Vote to pass a bill that amends the law governing debt suspension products and other products in Ohio.

Highlights:

• Defines terms related to motor vehicles and debt (Sec. 1).

• Specifies that a debt suspension product may also provide, with or without a separate charge, a benefit that waives an amount, or provides a borrower with a credit, towards the purchase of a replacement motor vehicle (Sec. 1).

• Specifies that the repair, replacement, or maintenance of property, or indemnification for repair, replacement, or maintenance, due to excess wear and use, damage for items such as tires, paint cracks or chips, missing interior or exterior parts, or excess mileage that results in a lease-end charge, or any other charge for damage that is deemed as excess wear and use by a lessor under a motor vehicle lease, shall not exceed the purchase price of the vehicle at the end of the lease term (Sec. 1).

• Require that motor vehicle ancillary product protection providers in the state shall insure all motor vehicle ancillary protection contracts (Sec. 1). 

• Requires that all contract providers Maintain a funded reserve account for the contract provider's obligations under ancillary product protection contracts issued and outstanding in this state. The reserves shall not be less than forty per cent of gross consideration received, less claims paid, on the sale of all motor vehicle ancillary product protect contracts issued and outstanding in this state (Sec. 1).

Full Bill Text