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59 chapters · 1,882 sections in this title.
Tenn. Code Ann. § 56-59-101 Short title — Purpose — Applicability
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(a) This chapter is known and may be cited as the “Guaranteed Asset Protection Waiver Act of 2008.” (b) The purpose of this chapter is to provide a framework within which guaranteed asset protection (GAP) waivers are defined and may be offered within the state. GAP waivers govern…
Tenn. Code Ann. § 56-59-102 Chapter definitions
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(1) The following definitions are for purposes of this chapter and are not intended to provide actual terms required in GAP waivers:(1) “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to the GAP wai…
Tenn. Code Ann. § 56-59-103 GAP waiver — Insurance policy
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(a) GAP waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter. (b) GAP waivers may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or periodic payment option. (c) Notwithstanding any othe…
Tenn. Code Ann. § 56-59-104 Coverage under contractual liability or other insurance policy — Cancellation
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(a) Contractual liability or other insurance policies insuring GAP waivers must state the obligations of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the creditor and purchased or held by the b…
