Section 8-37-1 Purpose; Applicability.

This chapter defines GAP waivers, allows them to be offered in the state, and exempts certain related contracts and marketers from insurance-law requirements.

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Jurisdiction: United States — Alabama
Instrument: Act or statute
Version: Undated source snapshot
Language: en
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GAP waivers insurance licensing insurance regulation

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Section 8-37-1 Purpose; Applicability.
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AI-assisted research summary: This chapter defines GAP waivers, allows them to be offered in the state, and exempts certain related contracts and marketers from insurance-law requirements.

(a) The purpose of this chapter is to define guaranteed asset protection waivers (GAP waivers) and to provide that GAP waivers may be offered within this state. (b) This chapter does not apply to either of the following: (1) An insurance policy offered by an insurer under the insurance laws of this state. (2) A debt cancellation or debt suspension contract being offered by a federally regulated financial institution operating under 12 CFR Part 37 or a credit union operating under 12 CFR Part 721 or other federal law; or a debt cancellation or debt suspension contract being offered by a state chartered bank or credit union. Debt cancellation and debt suspension contracts being offered by any of these federal or state regulated financial institutions are not insurance and are exempt from the insurance laws of this state. (c) Guaranteed asset protection waivers governed under this chapter are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers that comply with this chapter are exempt from insurance licensing and insurance regulation requirements of this state. (d) This chapter applies only to GAP waivers for financing of motor vehicles as defined in this chapter. This chapter does not affect the validity or enforcement of other asset protection waivers, debt cancellation contracts, or debt suspension agreements.

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Section 8-37-1 Purpose; Applicability.

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