§ 31A-6b-302. Required disclosures.

(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.

(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.

Enacted by Chapter 274, 2010 General Session