Arkansas § 4-90-801 Legislative intent - Purpose - Scope

Arkansas Statutes

§ 4-90-801 — Legislative intent - Purpose - Scope

(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

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(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.

Arkansas § 4-90-801 (Legislative intent - Purpose - Scope) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.