59D.01 APPLICATION. (a) This chapter does not apply to: (1) a policy of insurance offered in compliance with chapters 60A to 79A; (2) a debt cancellation or debt suspension contract, including a guaranteed asset protection waiver, being offered by a banking institution or credit union in compliance with chapter 48 or 52; and (3) a […]
59D.02 DEFINITIONS. Subdivision 1. Terms. For purposes of this chapter, the terms defined in subdivisions 2 to 10 have the meanings given them. Subd. 2. Administrator. “Administrator” means a person, other than an insurer or creditor who performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. Subd. 3. Borrower. “Borrower” means a […]
59D.03 COMMERCIAL TRANSACTIONS EXEMPTED. Sections 59D.04, subdivision 3, and 59D.06 do not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with any transaction not for personal, family, or household purposes. History: 1Sp2015 c 1 art 3 s 5
59D.04 GUARANTEED ASSET PROTECTION WAIVER REQUIREMENTS. Subdivision 1. Authorization. GAP waivers may be offered, sold, or provided to borrowers in Minnesota in compliance with this chapter. Subd. 2. Payment options. 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 […]
59D.05 CONTRACTUAL LIABILITY OR OTHER INSURANCE POLICIES. Subdivision 1. Reimbursement or payment statement. Contractual liability or other insurance policies insuring GAP 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 GAP waivers issued by the creditor and purchased […]
59D.06 DISCLOSURES. (a) 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) the […]
59D.07 CANCELLATION; REFUNDS. Subdivision 1. Refund requirements during free-look period. A GAP waiver 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 have been provided. Subd. 2. Refund requirements after free-look period. (a) […]
