Michigan Compiled Laws Act 229 Of 2009 Guaranteed Asset Protection Waiver Act (492.21 - 492.33)

AN ACT to regulate guaranteed asset protection waivers offered or provided in connection with finance agreements for certain motor vehicles; to provide for the powers and duties of certain state governmental officers and entities; and to provide remedies.

History: 2009, Act 229, Eff. July 7, 2010

Section 492.21 Short Title.
This act shall be known and may be cited as the "guaranteed asset protection waiver act". History: 2009, Act 229, Eff. July 7, 2010
Section 492.23 Definitions.
As used in this act: (a) "Administrator" means a person, other than a creditor or insurer, that performs administrative or operational functions in connection...
Section 492.25 Offering, Selling, Or Providing Guaranteed Asset Protection Waiver; Requirements; Contractual Liability Or Other Insurance Policy.
(1) All of the following apply to offering, selling, or providing a guaranteed asset protection waiver to a borrower in this state: (a) Beginning...
Section 492.27 Disclosure; Contents.
A guaranteed asset protection waiver must disclose, in writing and in clear, understandable language that is easy to read, all of the following, if...
Section 492.29 Cancellation.
All of the following apply concerning the cancellation of guaranteed asset protection waivers: (a) A creditor may offer a guaranteed asset protection waiver agreement...
Section 492.31 Commissioner; Enforcement Of Act; Notice And Hearing; Actions.
The commissioner may take any action he or she determines is necessary or appropriate to enforce this act and to protect guaranteed asset protection...
Section 492.33 Applicability; Exceptions.
(1) This act does not apply to any of the following: (a) An insurance policy offered by an insurer under the insurance code of...

Last modified: October 10, 2016