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4-90-803. Requirements for offering guaranteed asset protection waivers.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-90-803. Requirements for offering guaranteed asset protection waivers.
(a) A guaranteed asset protection waiver may be offered, sold, or provided to a borrower in this state under this subchapter.
(b) At the option of the creditor that offers the guaranteed asset protection waiver, a guaranteed asset protection waiver may:
(1) Be sold for a single payment; or
(2) Be offered with a monthly or periodic payment option.
(c) Notwithstanding any other provision of law, any cost to the borrower for a guaranteed asset protection waiver entered into in compliance with the Truth in Lending Act, 15 U.S.C. § 1601 et seq., and its implementing federal regulations, as it existed on January 1, 2019, shall be separately itemized in the finance agreement and is not to be considered a finance charge or interest.
(d)(1) A retail seller shall insure its guaranteed asset protection waiver obligations under a contractual liability or other insurance policy issued by an insurer.
(2) A creditor, other than a retail seller, may insure its guaranteed asset protection waiver obligations under a contractual liability policy or other policy issued by an insurer.
(3)(A) The insurance policy may be directly obtained by a creditor, retail seller, or procured by an administrator to cover a creditor's or retail seller's obligations under the guaranteed asset protection waiver.
(B) A retail seller that is a lessor of motor vehicles and does not assign its finance agreements is not required to insure its obligations related to guaranteed asset protection waivers on its sold or leased vehicles.
(e) The guaranteed asset protection waiver remains a part of the finance agreement upon an assignment, sale, or transfer of the finance agreement by the creditor.
(f) Neither the extension of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-90-803
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-90-803
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 86b22ce04cc76291fde50bc619338a072190ac689d050a5b19d11e074eea6055
Source location: content.xml paragraph 35908
Stored source content
4-90-803. Requirements for offering guaranteed asset protection waivers.
(a) A guaranteed asset protection waiver may be offered, sold, or provided to a borrower in this state under this subchapter.
(b) At the option of the creditor that offers the guaranteed asset protection waiver, a guaranteed asset protection waiver may:
(1) Be sold for a single payment; or
(2) Be offered with a monthly or periodic payment option.
(c) Notwithstanding any other provision of law, any cost to the borrower for a guaranteed asset protection waiver entered into in compliance with the Truth in Lending Act, 15 U.S.C. § 1601 et seq., and its implementing federal regulations, as it existed on January 1, 2019, shall be separately itemized in the finance agreement and is not to be considered a finance charge or interest.
(d)(1) A retail seller shall insure its guaranteed asset protection waiver obligations under a contractual liability or other insurance policy issued by an insurer.
(2) A creditor, other than a retail seller, may insure its guaranteed asset protection waiver obligations under a contractual liability policy or other policy issued by an insurer.
(3)(A) The insurance policy may be directly obtained by a creditor, retail seller, or procured by an administrator to cover a creditor's or retail seller's obligations under the guaranteed asset protection waiver.
(B) A retail seller that is a lessor of motor vehicles and does not assign its finance agreements is not required to insure its obligations related to guaranteed asset protection waivers on its sold or leased vehicles.
(e) The guaranteed asset protection waiver remains a part of the finance agreement upon an assignment, sale, or transfer of the finance agreement by the creditor.
(f) Neither the extension of credit, the term of credit, nor the term of the related motor vehicle sale or lease may be conditioned on the purchase of a guaranteed asset protection waiver.
(g) A creditor that offers a guaranteed asset protection waiver shall report the sale of, and forward funds received on, all waivers to the designated party, if any, as prescribed in any applicable administration services agreement, contractual liability policy, other insurance policy, or other specified program documents.
(h) Moneys received or held by a creditor or administrator and belonging to an insurer, creditor, or administrator, under the terms of a written agreement, shall be held by the creditor or administrator in a fiduciary capacity.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1452
TITLE 15—COMMERCE AND TRADE
§ 1601
Sec.
1679f.
Noncompliance with this subchapter.
1679g.
Civil liability.
1679h.
Administrative enforcement.
1679i.
Statute of limitations.
1679j.
Relation to State law.
SUBCHAPTER III—CREDIT REPORTING AGENCIES
1681.
Congressional findings and statement of pur-
pose.
1681a.
Definitions; rules of construction.
1681b.
Permissible purposes of consumer reports.
1681c.
Requirements relating to information con-
tained in consumer reports.
1681c–1.
Identity theft prevention; fraud alerts and ac-
tive duty alerts.
1681c–2.
Block of information resulting from identity
theft.
1681c–3.
Adverse information in cases of trafficking.
1681d.
Disclosure of investigative consumer reports.
1681e.
Compliance procedures.
1681f.
Disclosures to governmental agencies.
1681g.
Disclosures to consumers.
1681h.
Conditions and form of disclosure to con-
sumers.
1681i.
Procedure in case of disputed accuracy.
1681j.
Charges for certain disclosures.
1681k.
Public record information for employment
purposes.
1681l.
Restrictions on investigative consumer re-
ports.
1681m.
Requirements on users of consumer reports.
1681n.
Civil liability for willful noncompliance.
1681o.
Civil liability for negligent noncompliance.
1681p.
Jurisdiction of courts; limitation of actions.
1681q.
Obtaining information under false pretenses.
1681r.
Unauthorized disclosures by officers or em-
ployees.
1681s.
Administrative enforcement.
1681s–1.
Information on overdue child support obliga-
tions.
1681s–2.
Responsibilities of furnishers of information
to consumer reporting agencies.
1681s–3.
Affiliate sharing.
1681t.
Relation to State laws.
1681u.
Disclosures to FBI for counterintelligence
purposes.
1681v.
Disclosure
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1601
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.