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4-90-807. Commercial transactions — Exemptions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-90-807. Commercial transactions — Exemptions.
Section 4-90-803(c), § 4-90-805, and § 4-90-808 shall not apply to a guaranteed asset protection waiver offered in a commercial transaction involving a lease or retail installment sale.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-90-807
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:4-90-807
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ab3864114dcfdfc48a12c874d406a28d3a7625ca3c9da0ca352efffb25edae01
Source location: content.xml paragraph 35959
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4-90-807. Commercial transactions — Exemptions.
Section 4-90-803(c), § 4-90-805, and § 4-90-808 shall not apply to a guaranteed asset protection waiver offered in a commercial transaction involving a lease or retail installment sale.
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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. The source passage cites 4-90-803. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-90-805. Disclosures.
A guaranteed asset protection waiver shall disclose, as applicable, in writing and in clear and understandable language that is easy to read, the following:
(1) The name and address of the initial creditor, the borrower at the time of sale, and the identity of any administrator, if different from the initial creditor;
(2) The purchase price and the terms of the guaranteed asset protection waiver, including without limitation the requirements for protection, conditions, or exclusions associated with the guaranteed asset protection waiver;
(3) That the borrower may cancel the guaranteed asset protection waiver within a free look period as specified in the guaranteed asset protection waiver, and will be entitled to a full refund of the purchase price, so long as no benefits have been provided;
(4) The procedure the borrower has to follow, if any, to obtain guaranteed asset protection waiver benefits under the terms and conditions of the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for waiver benefits;
(5) Whether or not the guaranteed asset protection is cancelable after the free look period and, if so, the conditions under which it may be canceled or terminated, including the procedures for requesting any refund due;
(6)(A) That in order to receive any refund due in the event of a borrower's cancellation of the guaranteed asset protection waiver agreement or early termination of the finance agreement after the free look period of the guaranteed asset protection waiver, the borrower, according to the terms of the waiver, shall provide a written notice requesting to cancel to the creditor, administrator, or other party.
(B) If the request is being made due to the early termina
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-90-805
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. The source passage cites 4-90-805. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-90-808. Enforcement.
(a) The Insurance Commissioner may take action that is necessary or appropriate to enforce this subchapter and to protect guaranteed asset protection waiver holders in this state.
(b) After notice and opportunity for hearing, the commissioner may:
(1) Order the creditor, administrator, or other person that is not complying with this subchapter to cease and desist from further guaranteed asset protection waiver-related operations that are in violation of this subchapter; and
(2)(A) Impose a penalty of no more than five hundred dollars ($500) per violation and a maximum total of no more than ten thousand dollars ($10,000) for all violations of a similar nature.
(B) For purposes of this section, a violation shall be of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, regardless of the number of times the conduct, action, or practice that is determined to be a violation has occurred.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-90-808
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. The source passage cites 4-90-808. This identifies an authority to review, not proof of applicability.