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Alabama Statutes, Title 8

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Alabama/Statutes

← All Alabama coverage

Title 8

68 chapters · 962 sections in this title.

All chapters in Title 8962 Ch 17, Regulation of Certain Goods and Products135 Ch 6, Securities89 Ch 1, Contracts61 Ch 16, Weights and Measures53 Ch 7A, Alabama Monetary Transmission Act28 Ch 15, Public Warehouses27 Ch 12, Trademarks, Names, Marks, Devices, a…25 Ch 19A, Alabama Telemarketing Act24 Ch 13, Going Out of Business or Distress Me…22 Ch 26B, Revised Uniform Athlete Agents Act21 Ch 1A, Uniform Electronic Transactions Act20 Ch 3, Suretyship19 Ch 22, Motor Fuel Marketing18 Ch 7B, Financial Innovation and Market Expa…16

10 sections·Filtered byTitle 8✕Ch 37✕

Ala. Code § 8-37-1 Purpose; Applicability
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(a) The purpose of this chapter is to define guaranteed asset protection waivers (GAP waivers) and to provide that GAP waivers may be offered within this state. (b) This chapter does not apply to either of the following: (1) An insurance policy offered by an insurer under the ins…
Ala. Code § 8-37-10 Applicability
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Creditors and other persons are not required to comply with this chapter for any GAP waiver entered into prior to January 1, 2018. (Act 2017-392, §2.)
Ala. Code § 8-37-2 Definitions
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THIS SECTION WAS AMENDED BY ACT 2022-179 IN THE 2022 REGULAR SESSION, EFFECTIVE JANUARY 1, 2023. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING. For the purposes of this chapter, the following words have the following meanings: (1) ADMINISTRATOR. A person, other than…
Ala. Code § 8-37-3 Gap Waivers Authorized; Charges; Insurance; Creditor Requirements
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(a) GAP waivers may be offered, sold, or provided to borrowers in this state under this chapter. (b) GAP waivers, at the option of the creditor that offers the GAP waiver, may be sold for a single payment or may be offered with a monthly or periodic payment option. (c) Notwithsta…

Ala. Code § 8-37-4 Reimbursements; Coverage; Effect of Cancellation or Termination

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(a) A contractual liability or other insurance policy insuring a GAP waiver shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waiver issued by the creditor and purchased or held by the b…

Ala. Code § 8-37-5 Disclosure Requirements

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Subject to Section 8-37-7, a creditor that offers a GAP waiver shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, all of the following: (1) The name and address of the initial creditor and the borrower at the time of sale and the…

Ala. Code § 8-37-6 Cancellation of Gap Waiver Agreements

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(a) Guaranteed asset protection waiver agreements shall be cancellable. GAP waivers shall provide that if a borrower cancels a waiver within the Free Look Period, the creditor, administrator, or other authorized party shall provide the borrower a full refund of the purchase price…

Ala. Code § 8-37-7 Lease or Retail Installments Sales

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Subsection (c) of Section 8-37-3 and Sections 8-37-5 and 8-37-8 of this chapter are not applicable to a GAP waiver offered in connection with a lease or retail installment sale associated with a commercial transaction. (Act 2017-392, §1.)

Ala. Code § 8-37-8 Enforcement

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(a) The Superintendent of Banks may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect GAP waiver holders in this state. After proper notice and opportunity for hearing, the superintendent may do both of the following: (1) Order…

Ala. Code § 8-37-9 Legislative Findings

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The Legislature finds that guaranteed asset protection waivers are not insurance. All guaranteed asset protection waivers issued prior to and after January 1, 2018, shall not be construed as insurance. (Act 2017-392, §1.)