SB3851 - Tennessee: Insurance Companies, Agents, Brokers, Policies, Titles, Short

Companion Bill HB3671. Insurance Companies, Agents, Brokers, Policies - Enacts the "Guaranteed Asset Protection Waiver Act of 2008." - Amends TCA Title 56. Fiscal Summary for *SB3851 / HB3671Increase State Revenue - Not Significant Increase State Expenditures - Not Significant Bill Summary for *SB3851 / HB3671 This bill clarifies that a guaranteed asset protection waiver (GAP waiver) is not insurance and is not subject to the insurance laws of Tennessee. "GAP waiver" means a contractual agreement in which a creditor, including a motor vehicle dealer, lessor, or retail installment seller, agrees, for a separate charge, to cancel or waive all or part of the amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of a motor vehicle, including an automobile, recreational vehicle, camper, boat,[...]

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