33-63-2. Purpose; exemptions from applicability of chapter; guaranteed asset protection waivers exempt from state’s insurance laws.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
The purpose of this chapter is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state.#
(b)
This chapter shall not apply to:#
1. (1)
  An insurance policy offered by an insurer under the insurance laws of this state; or#
2. (2)
  A debt cancellation or debt suspension contract being offered in compliance with 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law.#
(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 this state’s insurance licensing requirements.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 33-63-2, enacted by Ga. L. 2008, p. 1097, § 1/SB 470.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch23-65-(v25)-2020-pdf.pdf, Volume V25, 2020 edition, pages 1081 to 1082; merge action: carried; file SHA-256 1cdfeaa4b73e.

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