The General Assembly finds that guaranteed asset protection waivers are not insurance. All guaranteed asset protection waivers issued on or after the date of enactment of this chapter shall not be construed as insurance. History. — Code 1981, § 33-63-1, enacted by Ga. L. 2008, p. 1097, § 1/SB 470; Ga. L. 2019, p. 533, § 1-32/HB 99. The 2019 amendment, effective July 1, 2019, inserted ‘‘on or’’ in the middle of the second sentence of this Code section. 33-63-2. Purpose; exemptions from applicability of chapter; guaranteed asset protection waivers exempt from state’s insurance laws. (a) 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. (b) This chapter shall not apply to: (1) An insurance policy offered by an insurer under the insurance laws of this state; or (2) A debt cancellation or debt suspension contract being offered in compliance with 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law. 1065 33-63-3 (c) Guaranteed asset protection waivers governed under this chapter are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers that comply with this chapter are exempt from this state’s insurance licensing requirements. History. — Code 1981, § 33-63-2, enacted by Ga. L. 2008, p. 1097, § 1/SB 470. 33-63-3. Definitions.
Legislative findings
O.C.G.A. § 33-63-1 — under Title 33.
O.C.G.A. § 33-63-1