Rhode Island § 19-32-4 § 19-32-4. Contractual liability or other insurance policies.

Rhode Island Statutes

§ 19-32-4 — § 19-32-4. Contractual liability or other insurance policies.

Rhode Island § 19-32-4

Title 19Financial institutions

Ch. 19-32Guaranteed Asset-Protection Waivers

This text of Rhode Island § 19-32-4 (§ 19-32-4. Contractual liability or other insurance policies.) 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 § 19-32-4 (2026).

Text

§ 19-32-4. Contractual liability or other insurance policies.
(a) Contractual liability or other insurance policies insuring GAP waivers must state
            the obligation of the insurer to reimburse or pay to the creditor any sums the creditor
            is legally obligated to waive under the GAP waivers issued by the creditor and purchased
            or held by the borrower.
         
(b) Coverage under a contractual liability or other insurance policy insuring a GAP waiver
            must also cover any subsequent assignee upon the assignment, sale, or transfer of
            the finance agreement.
         
(c) Coverage under a

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§ 19-32-4. Contractual liability or other insurance policies.

(a) Contractual liability or other insurance policies insuring GAP waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the creditor and purchased or held by the borrower.

(b) Coverage under a contractual liability or other insurance policy insuring a GAP waiver must also cover any subsequent assignee upon the assignment, sale, or transfer of the finance agreement.

(c) Coverage under a contractual liability or other insurance policy insuring a GAP waiver must remain in effect unless cancelled or terminated in compliance with title 27.

(d) The cancellation or termination of a contractual liability or other insurance policy must not reduce the insurer's responsibility for GAP waivers issued by the creditor prior to the date of cancellation or termination and for which premium has been received by the insurer.