(1) A guaranteed asset protection waiver shall disclose the information described in Subsection (2): (a) in writing; and (b) in understandable language that is easy to read.
(a) in writing; and
(b) in understandable language that is easy to read.
(2) A guaranteed asset protection waiver shall disclose: (a) the name and address of the initial creditor and the borrower at the time the guaranteed asset protection waiver is executed; (b) if there is an administrator for the guaranteed asset protection waiver: (i) the name of the administrator; (ii) the address of the administrator; and (iii) a toll-free number to contact the administrator; (c) the charge for the guaranteed asset protection waiver; (d) the terms of the guaranteed asset protection waiver, including: (i) the requirements for receiving the protection of the guaranteed asset protection waiver; (ii) the conditions imposed by the guaranteed asset protection waiver; and (iii) the exclusions from the protection of the guaranteed asset protection waiver; (e) the procedure the borrower must follow, if any, to obtain a benefit under the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for a benefit under the guaranteed asset protection waiver; (f) that the borrower may cancel the guaranteed asset protection waiver; (g) the rights the borrower has to a refund under Section 31A-6b-303; (h) if the guaranteed asset protection waiver is cancelled or terminated after the preliminary period: (i) the procedures for requesting a refund under Section 31A-6b-303, including that the borrower request a refund in writing in accordance with Section 31A-6b-303; and (ii) the methodology for calculating the refund due, if any; (i) that none of the following may be conditioned on the purchase of a guaranteed asset protection waiver: (i) the extension of credit; (ii) a term of credit; or (iii) a term of the related vehicle sale or lease; and (j) (i) that a guaranteed asset protection waiver is subject to limited regulation by the commissioner; and (ii) that a complaint regarding a guaranteed asset protection waiver may be submitted to the commissioner.
(a) the name and address of the initial creditor and the borrower at the time the guaranteed asset protection waiver is executed;
(b) if there is an administrator for the guaranteed asset protection waiver: (i) the name of the administrator; (ii) the address of the administrator; and (iii) a toll-free number to contact the administrator;
(i) the name of the administrator;
(ii) the address of the administrator; and
(iii) a toll-free number to contact the administrator;
(c) the charge for the guaranteed asset protection waiver;
(d) the terms of the guaranteed asset protection waiver, including: (i) the requirements for receiving the protection of the guaranteed asset protection waiver; (ii) the conditions imposed by the guaranteed asset protection waiver; and (iii) the exclusions from the protection of the guaranteed asset protection waiver;
(i) the requirements for receiving the protection of the guaranteed asset protection waiver;
(ii) the conditions imposed by the guaranteed asset protection waiver; and
(iii) the exclusions from the protection of the guaranteed asset protection waiver;
(e) the procedure the borrower must follow, if any, to obtain a benefit under the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for a benefit under the guaranteed asset protection waiver;
(f) that the borrower may cancel the guaranteed asset protection waiver;
(g) the rights the borrower has to a refund under Section 31A-6b-303;
(h) if the guaranteed asset protection waiver is cancelled or terminated after the preliminary period: (i) the procedures for requesting a refund under Section 31A-6b-303, including that the borrower request a refund in writing in accordance with Section 31A-6b-303; and (ii) the methodology for calculating the refund due, if any;
(i) the procedures for requesting a refund under Section 31A-6b-303, including that the borrower request a refund in writing in accordance with Section 31A-6b-303; and
(ii) the methodology for calculating the refund due, if any;
(i) that none of the following may be conditioned on the purchase of a guaranteed asset protection waiver: (i) the extension of credit; (ii) a term of credit; or (iii) a term of the related vehicle sale or lease; and
(i) the extension of credit;
(ii) a term of credit; or
(iii) a term of the related vehicle sale or lease; and
(j) (i) that a guaranteed asset protection waiver is subject to limited regulation by the commissioner; and (ii) that a complaint regarding a guaranteed asset protection waiver may be submitted to the commissioner.
(i) that a guaranteed asset protection waiver is subject to limited regulation by the commissioner; and
(ii) that a complaint regarding a guaranteed asset protection waiver may be submitted to the commissioner.
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