Nebraska Statutes 45-1102. Purpose of act; exclusions from act;exemption from insurance requirements
(1) The purpose of the Guaranteed Asset Protection Waiver Act is to provide a framework within which guaranteed asset protection waivers are offered, sold, and provided in this state.
Terms Used In Nebraska Statutes 45-1102
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(2) The act does not apply to:
(a) An insurance policy offered by an insurer under the insurance laws of this state;
(b) A debt cancellation or debt suspension contract being offered in compliance with 12 C.F.R. part 37 or 12 C.F.R. part 721 or other federal law as such part or law existed on July 15, 2010; or
(c) Guaranteed asset protection waivers offered, sold, or provided to borrowers by a financial institution.
(3) Guaranteed asset protection waivers governed under the Guaranteed Asset Protection Waiver Act are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers that comply with the act are exempt from this state’s insurance licensing requirements.