(1) This part may be cited as the "Guaranteed Asset Protection Waiver Act".
(2) The purpose of this part is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state.
(3) This part does not apply to:
(a) an insurance policy offered by an insurer under the insurance laws of this state; or
(b) a debt cancellation or debt suspension contract being offered in compliance with 32-1-429, 32-3-609, 12 CFR, part 37 or part 721, or other federal law.
(4) Guaranteed asset protection waivers governed by this part are not insurance and are exempt from the insurance laws of this state. Persons that comply with this part in marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers are exempt from this state's insurance licensing requirements.