A guaranteed asset protection waiver shall disclose, as applicable, in writing and in clear and understandable language that is easy to read, the following:
(1)The name and address of the initial creditor, the borrower at the time of sale, and the identity of any administrator, if different from the initial creditor;
(2)The purchase price and the terms of the guaranteed asset protection waiver, including without limitation the requirements for protection, conditions, or exclusions associated with the guaranteed asset protection waiver;
(3)That the borrower may cancel the guaranteed asset protection waiver within a free look period as specified in the guaranteed asset protection waiver, and will be entitled to a full refund of the purchase price, so long as no benefits have been provided
Free access — add to your briefcase to read the full text and ask questions with AI
A guaranteed asset protection waiver shall disclose, as applicable, in writing and in clear and understandable language that is easy to read, the following: (1) The name and address of the initial creditor, the borrower at the time of sale, and the identity of any administrator, if different from the initial creditor; (2) The purchase price and the terms of the guaranteed asset protection waiver, including without limitation the requirements for protection, conditions, or exclusions associated with the guaranteed asset protection waiver; (3) That the borrower may cancel the guaranteed asset protection waiver within a free look period as specified in the guaranteed asset protection waiver, and will be entitled to a full refund of the purchase price, so long as no benefits have been provided; (4) The procedure the borrower has to follow, if any, to obtain guaranteed asset protection waiver benefits under the terms and conditions of the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for waiver benefits; (5) Whether or not the guaranteed asset protection is cancelable after the free look period and, if so, the conditions under which it may be canceled or terminated, including the procedures for requesting any refund due; (6) (A) That in order to receive any refund due in the event of a borrower's cancellation of the guaranteed asset protection waiver agreement or early termination of the finance agreement after the free look period of the guaranteed asset protection waiver, the borrower, according to the terms of the waiver, shall provide a written notice requesting to cancel to the creditor, administrator, or other party. (B) If the request is being made due to the early termination of the finance agreement, the notice shall be provided to the creditor, administrator, or other party within ninety (90) days of the occurrence of the event terminating the finance agreement; (7) The methodology for calculating any refund of the unearned purchase price of the guaranteed asset protection waiver due, in the event of cancellation of the guaranteed asset protection waiver or early termination of the finance agreement; (8) That the extension of credit, the terms of the credit agreement, or the terms of the related motor vehicle sale or lease shall not be conditioned on the purchase of the guaranteed asset protection waiver; and (9) That the cost of the guaranteed asset protection waiver is not regulated and that the borrower should determine whether the cost of the guaranteed asset protection waiver is reasonable in relation to the protection afforded by the guaranteed asset protection waiver.