1. A guaranteed asset protection waiver must contain a conspicuous statement, printed in at least 12-point type that is larger than the surrounding text and with a heading that is printed in all capital letters, stating that:

(a) A guaranteed asset protection waiver is not a policy of liability or casualty insurance and does not satisfy the requirement to maintain liability insurance pursuant to NRS 485.185; and

(b) Failure to make a timely payment under the terms of the finance agreement may void the guaranteed asset protection waiver.

2. Except as otherwise provided in NRS 690D.100, a guaranteed asset protection waiver must disclose, if applicable, in writing and in a clear and conspicuous manner:

(a) The name and address of the creditor who sells the guaranteed asset protection waiver and the borrower who purchases the guaranteed asset protection waiver;

(b) The identity of any administrator, if different from the creditor;

(c) The purchase price and the terms of the guaranteed asset protection waiver, including, without limitation, the requirements for and conditions of coverage and any exclusions associated with the guaranteed asset protection waiver;

(d) That the borrower will be provided a full refund of the purchase price of the guaranteed asset protection waiver if the waiver is cancelled within the free-look period and benefits have not been provided;

(e) The manner in which the borrower may obtain benefits under a guaranteed asset protection waiver, including, without limitation, a telephone number and address that the borrower may use to apply for benefits; and

(f) Notice of the provisions of NRS 690D.180 and 690D.200, the manner in which a borrower may request cancellation of a guaranteed asset protection waiver after the free-look period and the method that will be used to calculate any refund due to the borrower pursuant to NRS 690D.200.

(Added to NRS by 2015, 2637)