2016 Minnesota Statutes
Chapters 59A - 79A — INSURANCE
Chapter 59D — GUARANTEED ASSET PROTECTION WAIVERS
Section 59D.01 — APPLICATION.
(a) This chapter does not apply to:
(1) a policy of insurance offered in compliance with chapters 60A to 79A;
(2) a debt cancellation or debt suspension contract, including a guaranteed asset protection waiver, being offered by a banking institution or credit union in compliance with chapter 48 or 52; and
(3) a debt cancellation or debt suspension contract being offered in compliance with Code of Federal Regulations, title 12, parts 37, 721, or other federal law.
(b) Guaranteed asset protection waivers regulated under this chapter are not insurance and are not subject to chapters 60A to 79A. Persons selling, soliciting, or negotiating guaranteed asset protection waivers to borrowers in compliance with this chapter are exempt from chapter 60K.
(c) The commissioner of commerce has the full investigatory authority of chapter 45 to enforce the terms of this chapter.
History: 1Sp2015 c 1 art 3 s 3
Disclaimer: These codes may not be the most recent version. Minnesota 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.
