Nebraska § 45-1102 Purpose of act; exclusions from act;
exemption from insurance requirements

Nebraska Statutes

§ 45-1102 — Purpose of act; exclusions from act; exemption from insurance requirements

Nebraska·Ch. 45 Interest, Loans, and Debt

(1)The purpose of the Guaranteed Asset Protection Waiver Act is to provide a framework within which guaranteed asset protection waivers are offered, sold, and provided in this state.

(2)The act does not apply to:

(a)An insurance policy offered by an insurer under the insurance laws of this state;

(b)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 federal law as such part or law existed on July 15, 2010; or

(c)Guaranteed asset protection waivers offered, sold, or provided to borrowers by a financial institution.

(3)Guaranteed asset protection waivers governed under the Guaranteed Asset Protection Waiver Act are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling

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(1) The purpose of the Guaranteed Asset
Protection Waiver Act is to provide a framework within which guaranteed asset
protection waivers are offered, sold, and provided in this state.
(2) The act
does not apply to:
(a) An insurance policy offered by an insurer under the insurance
laws of this state;
(b) 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 federal
law as such part or law existed on July 15, 2010; or
(c) Guaranteed asset protection
waivers offered, sold, or provided to borrowers by a financial institution.
(3) Guaranteed
asset protection waivers governed under the Guaranteed Asset Protection Waiver
Act are not insurance and are exempt from the insurance laws of this state.
Persons marketing, selling, or offering to sell guaranteed asset protection
waivers to borrowers that comply with the act are exempt from this state's
insurance licensing requirements.

Nebraska § 45-1102 (Purpose of act; exclusions from act; exemption from insurance requirements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.