Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-57-01 Definitions
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As used in this chapter: 1. "Administrator" means a person, other than an insurer or creditor, which performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. 2. "Borrower" means a debtor, retail buyer, or lessee, under a finance ag…
N.D.C.C. § 26.1-57-02 Scope
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1. This chapter does not apply to: a. An insurance policy offered by an insurer under the insurance laws of this state; b. A debt cancellation or debt suspension contract offered in compliance with title 12, Code of Federal Regulations, part 37 or title 12, Code of Federal Regula…
N.D.C.C. § 26.1-57-03 Requirements for offering guaranteed asset protection waivers
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1. A guaranteed asset protection waiver may be offered, sold, or provided to a borrower in this state in compliance with this chapter. 2. A guaranteed asset protection waiver may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or peri…
N.D.C.C. § 26.1-57-04 Contractual liability or other insurance policies
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1. Contractual liability or other insurance policies insuring guaranteed asset protection 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 guaranteed asset protection waivers issued …
N.D.C.C. § 26.1-57-05 Disclosures
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A guaranteed asset protection waiver must disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: 1. Neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease, may be c…
N.D.C.C. § 26.1-57-06 Cancellation
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1. A guaranteed asset protection waiver agreement is cancellable. A guaranteed asset protection waiver must provide if a borrower cancels a waiver within the free-look period, the borrower is entitled to a full refund of the purchase price, if benefits have not been provided. If …
N.D.C.C. § 26.1-57-07 Commercial transactions exempted
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Subsection 3 of section 26.1-57-03, section 26.1-57-05, and section 26.1-57-06, are not applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.
N.D.C.C. § 26.1-57-08 Enforcement - Penalty
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1. The commissioner may take action as necessary or appropriate to enforce this chapter and to protect guaranteed asset protection waiver holders in this state. 2. After proper notice and opportunity for hearing, the commissioner may: a. Order the creditor, administrator, or any …