45-1102 Purpose of act; exclusions from act; exemption from insurance requirements. - Nebraska Statutes

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Statutes > Nebraska > Chapter45 > 45-1102

45-1102. Purpose of act; exclusions from act;exemption from insurance requirements.(1) The purpose of the Guaranteed AssetProtection Waiver Act is to provide a framework within which guaranteed assetprotection waivers are offered, sold, and provided in this state.(2) The actdoes not apply to:(a) An insurance policy offered by an insurer under the insurancelaws of this state;(b) A debt cancellation or debt suspension contract being offeredin compliance with 12 C.F.R. part 37 or 12 C.F.R. part 721 or other federallaw as such part or law existed on July 15, 2010; or(c) Guaranteed asset protectionwaivers offered, sold, or provided to borrowers by a financial institution.(3) Guaranteedasset protection waivers governed under the Guaranteed Asset Protection WaiverAct are not insurance and are exempt from the insurance laws of this state.Persons marketing, selling, or offering to sell guaranteed asset protectionwaivers to borrowers that comply with the act are exempt from this state'sinsurance licensing requirements. SourceLaws 2010, LB571, § 2.

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1102

45-1102. Purpose of act; exclusions from act;exemption from insurance requirements.(1) The purpose of the Guaranteed AssetProtection Waiver Act is to provide a framework within which guaranteed assetprotection waivers are offered, sold, and provided in this state.(2) The actdoes not apply to:(a) An insurance policy offered by an insurer under the insurancelaws of this state;(b) A debt cancellation or debt suspension contract being offeredin compliance with 12 C.F.R. part 37 or 12 C.F.R. part 721 or other federallaw as such part or law existed on July 15, 2010; or(c) Guaranteed asset protectionwaivers offered, sold, or provided to borrowers by a financial institution.(3) Guaranteedasset protection waivers governed under the Guaranteed Asset Protection WaiverAct are not insurance and are exempt from the insurance laws of this state.Persons marketing, selling, or offering to sell guaranteed asset protectionwaivers to borrowers that comply with the act are exempt from this state'sinsurance licensing requirements. SourceLaws 2010, LB571, § 2.

State Codes and Statutes

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State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1102

45-1102. Purpose of act; exclusions from act;exemption from insurance requirements.(1) The purpose of the Guaranteed AssetProtection Waiver Act is to provide a framework within which guaranteed assetprotection waivers are offered, sold, and provided in this state.(2) The actdoes not apply to:(a) An insurance policy offered by an insurer under the insurancelaws of this state;(b) A debt cancellation or debt suspension contract being offeredin compliance with 12 C.F.R. part 37 or 12 C.F.R. part 721 or other federallaw as such part or law existed on July 15, 2010; or(c) Guaranteed asset protectionwaivers offered, sold, or provided to borrowers by a financial institution.(3) Guaranteedasset protection waivers governed under the Guaranteed Asset Protection WaiverAct are not insurance and are exempt from the insurance laws of this state.Persons marketing, selling, or offering to sell guaranteed asset protectionwaivers to borrowers that comply with the act are exempt from this state'sinsurance licensing requirements. SourceLaws 2010, LB571, § 2.