1.  Except as otherwise provided in this section, a creditor who sells or offers for sale guaranteed asset protection waivers shall not include in the name of the business of the creditor:

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(a) The words ‘insurance,’ ‘casualty,’ ‘surety,’ ‘mutual’ or any other word or term that implies that the creditor is engaged in the business of transacting insurance or is a surety company; or

(b) A name that is deceptively similar to the name or description of an insurer or surety company.

2.  A creditor may include the word ‘guaranty’ or a similar word in the name of the business of the creditor.

3.  This section does not apply to a creditor who, before January 1, 2016, includes in the name of the business of the creditor a name that does not comply with the provisions of subsection 1. Such a creditor shall include in each guaranteed asset protection waiver the creditor sells or offers for sale a statement that the guaranteed asset protection waiver is not a contract of insurance.