Lease or sale associated with a commercial transaction — Applicability of specified sections
Known as the Guaranteed Asset Protection Waiver Act
The act spans §§ 56-59-101 to 56-59-109 (9 sections).
Acts 2008, ch. 1055, § 8.
(1) Sections 56-59-103(c), 56-59-105 and 56-59-108 are not applicable to a GAP waiver offered in connection with a lease or sale associated with a commercial transaction.
(2) For purposes of subsection (a), “commercial transaction” means a transaction involving the sale or lease of a motor vehicle that is intended or will be used primarily for a purpose other than personal, family or household use.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.