Nebraska § 45-1107 Modification of guaranteed asset
protection waiver; limitations

Nebraska Statutes

§ 45-1107 — Modification of guaranteed asset protection waiver; limitations

Nebraska·Ch. 45 Interest, Loans, and Debt

The creditor or the creditor's designee shall not offer
a guaranteed asset protection waiver when the guaranteed asset protection
waiver contains terms that allow the creditor or the creditor's designee to
modify, unilaterally, the guaranteed asset protection waiver, unless (1) the
modification is favorable to the borrower and is made without any additional
charge to the borrower or (2) the borrower is notified of the proposed modification
and has the option to cancel the guaranteed asset protection waiver without
penalty.

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The creditor or the creditor's designee shall not offer
a guaranteed asset protection waiver when the guaranteed asset protection
waiver contains terms that allow the creditor or the creditor's designee to
modify, unilaterally, the guaranteed asset protection waiver, unless (1) the
modification is favorable to the borrower and is made without any additional
charge to the borrower or (2) the borrower is notified of the proposed modification
and has the option to cancel the guaranteed asset protection waiver without
penalty.

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