§ 19-32-1. Legislative intent and purpose. (a) The general assembly finds that guaranteed asset-protection waivers are not insurance. All guaranteed asset-protection waivers issued prior to and after the date of enactment of this chapter shall not be construed as insurance. (b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection […]
§ 19-32-2. Definitions. The following are terms defined for purposes of this chapter and are not intended to provide actual terms required in guaranteed asset-protection waivers: (1) “Administrator” means a person, other than an insurer or creditor who performs administrative or operational functions pursuant to guaranteed asset-protection waiver programs. (2) “Borrower” means a debtor, retail […]
§ 19-32-3. Requirements for offering guaranteed asset-protection waivers. (a) GAP waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter. (b) 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. (c) […]
§ 19-32-4. Contractual liability or other insurance policies. (a) 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 or held by the […]
§ 19-32-5. Disclosures. Guaranteed asset-protection waivers must disclose, 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 purchase price and […]
§ 19-32-6. Cancellation. (a) GAP-waiver agreements may be cancellable or non-cancellable after the free-look period. GAP 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, as long as no benefits have been provided; or in the event […]
§ 19-32-7. Commercial transactions exempted. Sections 19-32-3(c), 19-32-5 and 19-32-8 are not applicable to a GAP waiver offered in connection with a lease or retail installment sale associated with transactions between business entities. History of Section.P.L. 2016, ch. 530, § 1.
§ 19-32-8. Severability. If any provision of this chapter, or the application of the provision to any person or circumstances, is held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those as to which it is held invalid, is not to be affected. History of […]
