(1) A GAP agreement shall not be sold to a consumer if:
(a) The consumer is ineligible for a GAP agreement;
(b) The finance agreement terms preclude coverage under a GAP agreement;
(c) The motor vehicle used as collateral for the finance agreement is ineligible for coverage under a GAP agreement;
(d) The GAP agreement limits coverage to a maximum loan-to-value ratio and the terms of the finance agreement exceed the maximum loan-to-value ratio stated in the GAP agreement;
(e) The maximum loan-to-value ratio in the GAP agreement exceeds one hundred fifty percent; or
(f) The transaction would be unconscionable as described in section 5-4-106, 5-5-109, or 5-6-112.
Source: L. 2023: Entire article added, (HB 23-1181), ch. 425, p. 2503, § 3, effective January 1, 2024.