The General Assembly finds that guaranteed asset protection waivers are not insurance. All guaranteed asset protection waivers issued on or after the date of enactment of this chapter shall not be construed as insurance. History. Code 1981, § 33-63-1 , enacted by Ga. L. 2008, p. 1097, § 1/SB 470; Ga. L. 2019, p. 533, […]
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 shall 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 […]
The following terms are 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, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. “Borrower” means a debtor, retail buyer, or lessee […]
Guaranteed asset protection waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter. Guaranteed asset protection 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. Notwithstanding any other provision of law, any […]
Contractual liability or other insurance policies insuring guaranteed asset protection 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 guaranteed asset protection waivers issued by the creditor and purchased or held by the borrower. Coverage under a contractual […]
Guaranteed asset protection 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 […]
Guaranteed asset protection waiver agreements may be cancelable or noncancelable after the free look period. Guaranteed asset protection 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 no benefits have been paid; or in the […]
Subsection (c) of Code Section 33-63-4 and Code Sections 33-63-6 and 33-63-9 shall not be applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction. History. Code 1981, § 33-63-8 , enacted by Ga. L. 2008, p. 1097, § 1/SB 470. Code Commission […]
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 […]
