361-E:1 Scope. – I. The purpose of this chapter is to provide a framework within which retail sellers and sales finance companies may offer guaranteed asset protection waivers in New Hampshire. II. This chapter shall not apply to: (a) An insurance policy offered by an insurer under the insurance laws of this state; or […]
361-E:2 Definitions. – I. In this chapter: (a) " Administrator " means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. (b) " Borrower " means any retail buyer, as defined in RSA 361-A:1, IX. (c) " Creditor " means: (1) Any […]
361-E:3 Requirements for Offering Guaranteed Asset Protection Waivers. – I. GAP waivers may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or periodic payment option. II. Any cost to the borrower for a guaranteed asset protection waiver entered into in compliance with the […]
361-E:4 Disclosures. – Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: I. The name and address of the initial creditor and the borrower at the time of sale, the identity of any administrator if different from the creditor, and a […]
361-E:5 Cancellation. – I. 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 shall be entitled to a full refund of the purchase price, if no benefits have been provided. […]
