The purpose of this chapter is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state. This chapter does not apply to: An insurance policy offered by an insurer under the insurance laws of this state; or A debt cancellation or debt suspension contract being offered […]
Guaranteed asset protection waiver agreements may be cancellable or noncancellable after the free look period. GAP waivers shall provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the purchase price, so long as no benefits have been provided; or in the […]
Sections 83-52-5(3), 83-52-9 and 83-52-15 of this chapter are not applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.
The commissioner may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect guaranteed asset protection waiver holders in this state. After proper notice and opportunity for hearing, the commissioner may: Order the creditor, administrator or any other person not in compliance with this chapter to cease and […]
The following are terms defined for purposes of this chapter and are not intended to provide actual terms required in guaranteed asset protection waivers: “Administrator” means a person, other than an insurer or creditor, who issues, makes or provides a GAP waiver, or who performs administrative or operational functions pursuant to guaranteed asset protection waiver […]
GAP waivers may be offered, sold or provided to borrowers in this state under this chapter. GAP waivers may, at the option of the creditor or administrator, be sold for a single payment or may be offered with a monthly or periodic payment option. Notwithstanding any other provision of law to the contrary, any cost […]
Contractual liability or other insurance policies insuring GAP waivers shall state the obligation of the insurer to reimburse or pay to the creditor or administrator any sums the creditor is legally obligated to waive, or administrator is legally obligated to pay, under the GAP waivers issued by the creditor or administrator and purchased or held […]
Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor. The purchase price and the terms […]
