State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1104

45-1104. Guaranteed asset protection waivers;not insurance; exempt from insurance laws; sale options; separate statementof cost; part of finance agreement; sale and marketing restrictions.(1) Guaranteedasset protection waivers offered, sold, or provided to borrowers under theterms of the Guaranteed Asset Protection Waiver Act are not insurance andare exempt from the insurance laws of this state. Persons marketing, selling,or offering to sell guaranteed asset protection waivers to borrowers thatcomply with the act are exempt from this state's insurance licensing requirements.(2) Guaranteedasset protection waivers may, at the option of the creditor, be sold for asingle payment or may be offered with a monthly or periodic payment option.(3) Notwithstandingany other provision of law, any cost to the borrower for a guaranteed assetprotection waiver entered into in compliance with the federal Truth in LendingAct, 15 U.S.C. 1601 et seq., and its implementing regulations, as such actand regulations existed on July 15, 2010, shall be separately stated and isnot to be considered a finance charge or interest.(4) The guaranteed assetprotection waiver remains a part of the finance agreement upon the assignment,sale, or transfer of such finance agreement by the creditor.(5) Neitherthe extension of credit, the terms of the credit, nor the terms of the relatedmotor vehicle sale or lease may be conditioned upon the purchase of a guaranteedasset protection waiver.(6) Persons marketing, selling, or offeringto sell guaranteed asset protection waivers to a borrower shall not marketsuch guaranteed asset protection waivers to any borrower or potential borrowersas being insured under a contractual liability or other insurance policy issuedby an insurer. SourceLaws 2010, LB571, § 4.

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1104

45-1104. Guaranteed asset protection waivers;not insurance; exempt from insurance laws; sale options; separate statementof cost; part of finance agreement; sale and marketing restrictions.(1) Guaranteedasset protection waivers offered, sold, or provided to borrowers under theterms of the Guaranteed Asset Protection Waiver Act are not insurance andare exempt from the insurance laws of this state. Persons marketing, selling,or offering to sell guaranteed asset protection waivers to borrowers thatcomply with the act are exempt from this state's insurance licensing requirements.(2) Guaranteedasset protection waivers may, at the option of the creditor, be sold for asingle payment or may be offered with a monthly or periodic payment option.(3) Notwithstandingany other provision of law, any cost to the borrower for a guaranteed assetprotection waiver entered into in compliance with the federal Truth in LendingAct, 15 U.S.C. 1601 et seq., and its implementing regulations, as such actand regulations existed on July 15, 2010, shall be separately stated and isnot to be considered a finance charge or interest.(4) The guaranteed assetprotection waiver remains a part of the finance agreement upon the assignment,sale, or transfer of such finance agreement by the creditor.(5) Neitherthe extension of credit, the terms of the credit, nor the terms of the relatedmotor vehicle sale or lease may be conditioned upon the purchase of a guaranteedasset protection waiver.(6) Persons marketing, selling, or offeringto sell guaranteed asset protection waivers to a borrower shall not marketsuch guaranteed asset protection waivers to any borrower or potential borrowersas being insured under a contractual liability or other insurance policy issuedby an insurer. SourceLaws 2010, LB571, § 4.

State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1104

45-1104. Guaranteed asset protection waivers;not insurance; exempt from insurance laws; sale options; separate statementof cost; part of finance agreement; sale and marketing restrictions.(1) Guaranteedasset protection waivers offered, sold, or provided to borrowers under theterms of the Guaranteed Asset Protection Waiver Act are not insurance andare exempt from the insurance laws of this state. Persons marketing, selling,or offering to sell guaranteed asset protection waivers to borrowers thatcomply with the act are exempt from this state's insurance licensing requirements.(2) Guaranteedasset protection waivers may, at the option of the creditor, be sold for asingle payment or may be offered with a monthly or periodic payment option.(3) Notwithstandingany other provision of law, any cost to the borrower for a guaranteed assetprotection waiver entered into in compliance with the federal Truth in LendingAct, 15 U.S.C. 1601 et seq., and its implementing regulations, as such actand regulations existed on July 15, 2010, shall be separately stated and isnot to be considered a finance charge or interest.(4) The guaranteed assetprotection waiver remains a part of the finance agreement upon the assignment,sale, or transfer of such finance agreement by the creditor.(5) Neitherthe extension of credit, the terms of the credit, nor the terms of the relatedmotor vehicle sale or lease may be conditioned upon the purchase of a guaranteedasset protection waiver.(6) Persons marketing, selling, or offeringto sell guaranteed asset protection waivers to a borrower shall not marketsuch guaranteed asset protection waivers to any borrower or potential borrowersas being insured under a contractual liability or other insurance policy issuedby an insurer. SourceLaws 2010, LB571, § 4.