Section 492.21 – Short Title.

492.21 Short title. Sec. 1. This act shall be known and may be cited as the “guaranteed asset protection waiver act”. History: 2009, Act 229, Eff. July 7, 2010

Section 492.23 – Definitions.

492.23 Definitions. Sec. 3. As used in this act: (a) “Administrator” means a person, other than a creditor or insurer, that performs administrative or operational functions in connection with a guaranteed asset protection waiver program. (b) “Borrower” means a person that purchases, agrees to purchase, leases, or agrees to lease a motor vehicle. The term […]

Section 492.25 – Offering, Selling, or Providing Guaranteed Asset Protection Waiver; Requirements; Contractual Liability or Other Insurance Policy.

492.25 Offering, selling, or providing guaranteed asset protection waiver; requirements; contractual liability or other insurance policy. Sec. 5. (1) All of the following apply to offering, selling, or providing a guaranteed asset protection waiver to a borrower in this state: (a) Beginning 180 days after the effective date of this act, a creditor that offers, […]

Section 492.27 – Disclosure; Contents.

492.27 Disclosure; contents. Sec. 7. A guaranteed asset protection waiver must disclose, in writing and in clear, understandable language that is easy to read, all of the following, if applicable: (a) The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different […]

Section 492.29 – Cancellation.

492.29 Cancellation. Sec. 9. All of the following apply concerning the cancellation of guaranteed asset protection waivers: (a) A creditor may offer a guaranteed asset protection waiver agreement that is cancelable or not cancelable after the free look period. A guaranteed asset protection waiver must provide that if a borrower cancels the waiver during the […]

Section 492.31 – Commissioner; Enforcement of Act; Notice and Hearing; Actions.

492.31 Commissioner; enforcement of act; notice and hearing; actions. Sec. 11. The commissioner may take any action he or she determines is necessary or appropriate to enforce this act and to protect guaranteed asset protection waiver holders in this state, including, but not limited to, doing any of the following after proper notice and an […]

Section 492.33 – Applicability; Exceptions.

492.33 Applicability; exceptions. Sec. 13. (1) This act does not apply to any of the following: (a) An insurance policy offered by an insurer under the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302. (b) An offer of a debt cancellation or debt suspension contract that complies with 12 CFR part 37, […]