RCW 48.160.001 Purpose—Application. (1) 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. (2) This chapter does not apply to: (a) An insurance policy offered by an insurer under this title; or (b) A federally regulated financial institution operating […]
RCW 48.160.005 Guaranteed asset protection waiver account. The guaranteed asset protection waiver account is created in the custody of the state treasurer. The fees and fines collected under this chapter must be deposited into the account. Expenditures from the account may be used to implement, administer, and enforce this chapter. Only the commissioner or the […]
RCW 48.160.010 Definitions. The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) “Administrator” means a person, other than an insurer or creditor that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. (2) “Borrower” means a debtor, retail buyer, or lessee, under a finance agreement, […]
RCW 48.160.020 Waivers limited to motor vehicle financing—Registration, when required—Application. (1) This chapter applies only to guaranteed asset protection waivers for financing of motor vehicles as defined in this chapter. Any person or entity must register with the commissioner before marketing, offering for sale or selling a guaranteed asset protection waiver, and before acting as […]
RCW 48.160.030 Waivers—Requirements for offering, selling, or providing—Terms—Insuring obligations—Funds—Assignment. (1) Waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter. (2) 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. (3) Notwithstanding […]
RCW 48.160.040 Insuring waiver obligations—Contractual liability or other insurance policies. (1) Contractual liability or other insurance policies insuring waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the waivers issued by the creditor and purchased or held by the […]
RCW 48.160.050 Required disclosures. Guaranteed asset protection waivers must disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: (1) 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; (2) […]
RCW 48.160.060 Cancellations—Refunds—Free look period—Disclosure required. (1) Guaranteed asset protection waiver agreements may be cancellable or noncancellable after the free look period. 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, so long as no benefits […]
RCW 48.160.070 Commissioner’s authority to enforce chapter—Rules. (1) The commissioner may, subject to chapter 48.04 RCW, take action that is necessary or appropriate to enforce this chapter and to protect guaranteed asset protection waiver holders in this state, which includes: (a) Suspending, revoking, or refusing to issue the registration of a person or entity if […]
RCW 48.160.080 Failure to register when required—Criminal and civil penalties—Personal liability. (1) Any person who markets, offers for sale or sells a guaranteed asset protection waiver, or acts as an obligor for a guaranteed asset protection waiver without a registration, unless otherwise exempt from registration or exempt from this chapter, is acting in violation of […]
RCW 48.160.900 Date of application—2009 c 334. Chapter 334, Laws of 2009 is applicable to all guaranteed asset protection waiver agreements entered into on or after January 1, 2010. [ 2009 c 334 § 13.]
