1. A guaranteed asset protection waiver must provide a free-look period of not less than 30 days. If the guaranteed asset protection waiver is cancelled within this period and no benefits have been provided, the creditor must refund the full purchase price of the guaranteed asset protection waiver.
2. A borrower must be able to cancel a guaranteed asset protection waiver after the free-look period. If a guaranteed asset protection waiver is cancelled after the free-look period and no benefits have been provided, the creditor must refund any unearned portion of the purchase price of the guaranteed asset protection waiver in the manner specified in the guaranteed asset protection waiver.
3. To request a full or partial refund of the purchase price of a guaranteed asset protection waiver that is cancelled after the free-look period, the borrower must provide a written request for a refund to the person specified in the terms of the guaranteed asset protection waiver. If the guaranteed asset protection waiver is cancelled because the finance agreement is terminated, the borrower must provide the request within 90 days after the termination of the finance agreement.
4. The creditor may apply any refund owed to the borrower because of the cancellation of a guaranteed asset protection waiver, including, without limitation, cancellation during the free-look period or cancellation caused by a default on the finance agreement or the repossession of the vehicle associated with the finance agreement, to any amount still owed to the creditor under the finance agreement.
(Added to NRS by 2015, 2638)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.