Rhode Island § 19-32-1 § 19-32-1. Legislative intent and purpose.

Rhode Island Statutes

§ 19-32-1 — § 19-32-1. Legislative intent and purpose.

Rhode Island § 19-32-1

Title 19Financial institutions

Ch. 19-32Guaranteed Asset-Protection Waivers

This text of Rhode Island § 19-32-1 (§ 19-32-1. Legislative intent and purpose.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-32-1 (2026).

Text

§ 19-32-1. Legislative intent and purpose.
(a) The general assembly finds that guaranteed asset-protection waivers are not insurance.
            All guaranteed asset-protection waivers issued prior to and after the date of enactment
            of this chapter shall not be construed as insurance.
         
(b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection
            waivers are defined and may be offered within this state.
         
(c) This chapter does not apply to:
         
(1) An insurance policy offered by an insurer under title 27 including, b

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§ 19-32-1. Legislative intent and purpose.

(a) The general assembly finds that guaranteed asset-protection waivers are not insurance. All guaranteed asset-protection waivers issued prior to and after the date of enactment of this chapter shall not be construed as insurance.

(b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection waivers are defined and may be offered within this state.

(c) This chapter does not apply to:

(1) An insurance policy offered by an insurer under title 27 including, but not limited to, vendor single interest coverage; or

(2) A debt cancellation or debt suspension contract being offered in compliance with §§ 19-3-1 and 19-5-25 or 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law.

(d) Guaranteed asset-protection waivers governed under this section 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 this section are exempt from this state's insurance licensing requirements.