---
title: O.C.G.A. § 33-63-2. Purpose; exemptions from applicability of chapter; guaranteed asset protection waivers exempt from state’s insurance laws.
collection: code
id: 33-63-2
cite_as: O.C.G.A. § 33-63-2 (2025)
canonical_url: https://georgiacommons.org/code/33-63-2
md_url: https://georgiacommons.org/code/33-63-2.md
text_url: https://georgiacommons.org/code/33-63-2/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch23-65-(v25)-2020-pdf.pdf?sfvrsn=68297_0#page=1081
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/33-63.md
previous: https://georgiacommons.org/code/33-63-1.md
next: https://georgiacommons.org/code/33-63-3.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / GUARANTEED ASSET PROTECTION WAIVERS
---

# O.C.G.A. § 33-63-2. Purpose; exemptions from applicability of chapter; guaranteed asset protection waivers exempt from state’s insurance laws.

(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) An insurance policy offered by an insurer under the insurance laws of this state; or

(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.

## History

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