(a) The general assembly finds that guaranteed asset-protection waivers are not insurance. All guaranteed asset-protection waivers issued prior to and after the date of enactment of this chapter shall not be construed as insurance. (b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection waivers are defined and may be offered within this state. (c) This chapter does not apply to: (1) An insurance policy offered by an insurer under title 27 including, but not limited to, vendor single interest coverage; or (2) A debt cancellation or debt suspension contract being offered in compliance with §§ 19-3-1 and 19-5-25 or 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law. (d) Guaranteed asset-protection waivers governed under this section 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 this section are exempt from this state’s insurance licensing requirements.
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