(1) This chapter shall be known and may be cited as the “Guaranteed Asset Protection Waiver Act of 2008.”
(2) The purpose of this chapter is to provide a framework within which guaranteed asset protection (GAP) waivers are defined and may be offered within the state. GAP waivers governed under this chapter are not insurance and are exempt from the insurance laws of this state. Persons marketing, soliciting, negotiating, selling or offering to sell GAP waivers to borrowers that comply with this chapter are exempt from this state's insurance licensing requirements. This chapter does 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 in compliance in 12 CFR Part 37 or 12 CFR Part 721 or other state or federal law, including § 45-2-601.