§ 56-59-104. Coverage Under Contractual Liability or Other Insurance Policy — Cancellation
Contractual liability or other insurance policies insuring GAP waivers must state the obligations of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the creditor and purchased or held by the borrower. Coverage under a contractual liability or other insurance […]
§ 56-59-105. Disclosure of Guaranteed Asset Protection Waiver
GAP waivers must 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 of the […]
§ 56-59-106. Cancellation or Termination of Gap Waiver or Finance Agreement — Free Look Period
GAP waiver agreements may be cancelable or noncancelable after the free look period. GAP waivers must 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; provided, that no claims have been made or no benefits have been paid, […]
§ 56-59-107. Lease or Sale Associated With a Commercial Transaction — Applicability of Specified Sections
Sections 56-59-103(c), 56-59-105 and 56-59-108 are not applicable to a GAP waiver offered in connection with a lease or sale associated with a commercial transaction. For purposes of subsection (a), “commercial transaction” means a transaction involving the sale or lease of a motor vehicle that is intended or will be used primarily for a purpose […]
§ 56-59-108. Powers and Duties of Commissioner — Violations and Penalties
The commissioner may take action that is necessary or appropriate to enforce this chapter and to protect GAP 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 section to cease and desist from further GAP waiver […]
§ 56-59-109. Insurance Laws — Exemptions
The general assembly finds that GAP waivers are not insurance. The general assembly also finds that GAP waivers complying with this chapter are exempt from the insurance laws of this state.
§ 56-60-101. Short Title
This chapter shall be known and may be cited as the “Preferred Provider Organization Transparency Act.”
§ 56-60-102. Chapter Definitions
As used in this chapter: “Affiliate” means an individual or entity that directly or indirectly through one (1) or more intermediaries, controls or is controlled by or is under common control with a contracting entity; “Contracting entity” means any individual or entity that is engaged in the act of contracting with providers and that has […]
§ 56-60-103. Exceptions
This chapter does not apply: In circumstances where access to the provider network contract is granted to an affiliate or a subsidiary of a contracting entity, or other entity if operating under the same brand licensee program as the contracting entity; To a contract between a contracting entity and a discount medical plan organization; or […]
§ 56-60-104. Registration as a Contracting Entity
Any individual or entity that commences business as a contracting entity shall register with the department within thirty (30) days of commencing business in this state unless the individual or entity is licensed by the department as an insurer or third party administrator. Any contracting entity not licensed by the department as an insurer or […]