Washington · statute · Wash. Rev. Code ch. 48.160 · 10 active provisions
(1) 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.(2) This chapter does not apply to:(a) An insurance policy offered by an insurer under this title; or(b) A federally regulated financial institution operating under…
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Administrator" means a person, other than an insurer or creditor that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.(2) "Borrower" means a debtor, r…
(1) This chapter applies only to guaranteed asset protection waivers for financing of motor vehicles as defined in this chapter. Any person or entity must register with the commissioner before marketing, offering for sale or selling a guaranteed asset protection waiver, and before acting as an obligor for a guaranteed…
(1) Waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter.(2) Waivers may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or periodic payment option.(3) Notwithstanding any other provision of law, any cost to the borrower for a…
(1) Contractual liability or other insurance policies insuring waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the waivers issued by the creditor and purchased or held by the borrower. Contractual liability insurance or other…
Guaranteed asset protection waivers must disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following:(1) The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor;(2) The purch…
(1) Guaranteed asset protection waiver agreements may be cancellable or noncancellable after the free look period. Waivers must provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the purchase price, so long as no benefits have been provided; or in…
(1) The commissioner may, subject to chapter 48.04 RCW, take action that is necessary or appropriate to enforce this chapter and to protect guaranteed asset protection waiver holders in this state, which includes:(a) Suspending, revoking, or refusing to issue the registration of a person or entity if the registrant fai…
(1) Any person who markets, offers for sale or sells a guaranteed asset protection waiver, or acts as an obligor for a guaranteed asset protection waiver without a registration, unless otherwise exempt from registration or exempt from this chapter, is acting in violation of this section and is subject to the provisions…
Chapter 334, Laws of 2009 is applicable to all guaranteed asset protection waiver agreements entered into on or after January 1, 2010.