North Dakota § 26.1-57-05 Disclosures

North Dakota Statutes

§ 26.1-57-05 — Disclosures

North Dakota § 26.1-57-05

Title 26.1Insurance

Ch. 26.1-57Guaranteed Asset Protection Waivers

This text of North Dakota § 26.1-57-05 (Disclosures) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-57-05 (2026).

Text

A guaranteed asset protection waiver must disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following:

1.Neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease, may be conditioned upon the purchase of the guaranteed asset protection waiver.

2.The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor.

3.The purchase price and the terms of the guaranteed asset protection waiver, including the requirements for protection, conditions, or exclusions associated with the guaranteed asset protection waiver.

4.The borrower may cancel the guaranteed asset protection waiver within a free-look per

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A guaranteed asset protection waiver must disclose, as applicable, in writing and in clear,
understandable language that is easy to read, the following:
1. Neither the extension of credit, the terms of the credit, nor the terms of the related
motor vehicle sale or lease, may be conditioned upon the purchase of the guaranteed
asset protection waiver.
2. The name and address of the initial creditor and the borrower at the time of sale, and
the identity of any administrator if different from the creditor.
3. The purchase price and the terms of the guaranteed asset protection waiver, including
the requirements for protection, conditions, or exclusions associated with the
guaranteed asset protection waiver.
4. The borrower may cancel the guaranteed asset protection waiver within a free-look
period as specified in the waiver, and is entitled to a full refund of the purchase price, if
no benefits have been provided.
5. The procedure the borrower shall follow, if any, to obtain guaranteed asset protection
waiver benefits under the terms and conditions of the waiver, including a telephone
number and address at which the borrower may apply for waiver benefits.
6. The procedure for canceling the guaranteed asset protection waiver and for requesting
any refund due.
7. 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, in

accordance with terms of the waiver, shall provide a written request to cancel to the
creditor, administrator, or such other party. If the request to cancel is a result of the
early termination of the finance agreement the borrower shall provide the written
request to cancel within ninety days of the occurrence of the event terminating the
finance agreement.
8. 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.