31A-6b-302 - Required disclosures.
31A-6b-302. Required disclosures.
(1) A guaranteed asset protection waiver shall disclose the information described inSubsection (2):
(a) in writing; and
(b) in understandable language that is easy to read.
(2) A guaranteed asset protection waiver shall disclose:
(a) the name and address of the initial creditor and the borrower at the time theguaranteed asset protection waiver is executed;
(b) if there is an administrator for the guaranteed asset protection waiver:
(i) the name of the administrator;
(ii) the address of the administrator; and
(iii) a toll-free number to contact the administrator;
(c) the charge for the guaranteed asset protection waiver;
(d) the terms of the guaranteed asset protection waiver, including:
(i) the requirements for receiving the protection of the guaranteed asset protectionwaiver;
(ii) the conditions imposed by the guaranteed asset protection waiver; and
(iii) the exclusions from the protection of the guaranteed asset protection waiver;
(e) the procedure the borrower must follow, if any, to obtain a benefit under theguaranteed asset protection waiver, including a telephone number and address where theborrower may apply for a benefit under the guaranteed asset protection waiver;
(f) that the borrower may cancel the guaranteed asset protection waiver;
(g) the rights the borrower has to a refund under Section 31A-6b-303;
(h) if the guaranteed asset protection waiver is cancelled or terminated after thepreliminary period:
(i) the procedures for requesting a refund under Section 31A-6b-303, including that theborrower request a refund in writing in accordance with Section 31A-6b-303; and
(ii) the methodology for calculating the refund due, if any;
(i) that none of the following may be conditioned on the purchase of a guaranteed assetprotection waiver:
(i) the extension of credit;
(ii) a term of credit; or
(iii) a term of the related vehicle sale or lease; and
(j) (i) that a guaranteed asset protection waiver is subject to limited regulation by thecommissioner; and
(ii) that a complaint regarding a guaranteed asset protection waiver may be submitted tothe commissioner.
Enacted by Chapter 274, 2010 General Session