Go to Previous Versions
of
this Section
Arkansas Code of 1987 (2023)
Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105)
Subtitle 7 - CONSUMER PROTECTION (§§ 4-86-101 — 4-119-105)
Chapter 90 - AUTOMOBILES (§§ 4-90-201 — 4-90-808)
Subchapter 8 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 4-90-801 — 4-90-808)
Section 4-90-801 - Legislative intent - Purpose - Scope
Universal Citation:
AR Code § 4-90-801 (2023)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
- (a) The General Assembly finds that guaranteed asset protection waivers are not insurance.
- (b) It is the intent of the General Assembly that all guaranteed asset protection waivers issued in this state, before or after the enactment of this subchapter, are not to be considered insurance.
- (c) The purpose of this subchapter is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state.
- (d) This subchapter does not apply to:
- (1) An insurance policy offered by an insurer under the Arkansas Insurance Code and 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 applicable federal laws.
- (e)
- (1) Guaranteed asset protection waivers governed under this subchapter are not insurance and are exempt from the insurance laws of this state.
- (2) Persons marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers that comply with this subchapter are exempt from this state's insurance licensing requirements.
Added by Act 2019, No. 787,§ 1, eff. 7/24/2019.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.