SB 492 - This act enacts provisions relating to motor vehicle financial protection products (MVFPPs), as defined in the act. MVFPPs may be offered, sold, or given to consumers in this state in compliance with this act. The act requires any amount charged or financed for a MVFPP to be separately stated, and not considered interest or a finance charge. The act prohibits credit and the sale or lease of a vehicle from being contingent upon purchase of a MVFPP. However, MVFPPs may be discounted or given at no charge in connection with the purchase of other non-credit related goods or services. (Section 385.605). The act also enacts provisions specific to debt waivers, as defined in the act. The act specifies certain requirements for the debt waivers to be offered (Section 385.615), requirements for insurance policies insuring the debt waivers (Section 385.620), requires certain disclosures to be made in writing (Section 385.625), and specifies required terms applicable to cancellation of a debt waiver (Section 385.630). Debt waivers offered by state or federal banks or credit unions in compliance with applicable law shall be exempt from the act, and debt waivers offered in connection with commercial transactions shall be exempt from the disclosure requirements otherwise required under the act. (Section 385.635). The act further enacts provisions specific to vehicle value protection agreements, as defined in the act. The act specifies requirements for the agreements to be offered, and specifies financial solvency requirements for the providers (Section 385.645). Certain disclosures and statements shall be made in writing, including certain terms applicable to cancellation of the agreement (Section 385.650). The act exempts commercial transactions, as defined in the act, from the disclosures and statements, as well as from the enforcement authority of the Department of Commerce and Insurance. (Section 385.655). The Director of the Department of Commerce and Insurance shall have enforcement authority as specified in the act. (Section 385.660). Lastly, the act provides that MVFPPs shall not be considered insurance (Section 385.665), and specifies that the act shall apply to all MVFPPs that become effective after February 23, 2024. (Section 385.670). This act is similar to provisions in the truly agreed to and finally passed HCS/SS/SCS/SB 398 (2023), HCS/HB 521 (2023), and provisions in SS/SCS/HCS/HB 655 (2023). ERIC VANDER WEERD