§ 10 §1500-H — Guaranteed asset protection waivers

1.
Definitions.
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
2.
Requirements for offering waivers.
The following provisions apply to offering waivers.
3.
Contractual liability policy or other insurance policy.
The following provisions govern a contractual liability policy or other insurance policy insuring waivers.
4.
Disclosures.
A waiver must disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following:
5.
Cancellation.
The following provisions govern the cancellation of a waiver.
6.
Enforcement.
The superintendent may require the filing of waivers in use by an administrator. Upon request by the superintendent, an administrator shall annually file a record of waivers administered by the administrator.
6-A.
Registration; fees.
The superintendent may require registration of an administrator that may include use of the nationwide mortgage licensing system and registry as defined in Title 9‑A, section 13‑102, subsection 8. The administrator is authorized to participate in the nationwide mortgage licensing system and registry.
7.
Exemptions.
The following exemptions apply.

Legislative History

PL 2017, c. 178, §1 (NEW). PL 2017, c. 228, §1 (NEW). PL 2017, c. 475, Pt. A, §13 (RPR). PL 2021, c. 245, Pt. D, §§11-13 (AMD).