31A-6b-201. Persons who may provide a guaranteed asset protection waiver -- Requirement to be licensed or registered.
(1) Except as provided in Subsection, on and after July 1, 2010, a person may not sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower in this state unless the person: (2) is: a creditor; or an administrator; and is registered in accordance with this part; or is an individual who sells vehicles at retail; and holds a limited line producer license in accordance with Section. 31A-23a-103
(2) Subject to the other provisions of this Subsection, an entity retail seller of a vehicle may sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower without being registered under this chapter if the retail seller assigns finance agreements within 90 days. (2) The commissioner may assess each retail seller described in Subsectionthat is located in this state an annual assessment in accordance with this Subsection. (2)(a) (2) The commissioner may assess an annual assessment under this section only if the fees received by the commissioner under Sectiondo not equal or exceed $100,000. 31A-6b-202 The commissioner shall determine the amount of the annual assessment under this section in accordance with Section, except that: 31A-3-103 the annual assessment may not exceed $50; and the commissioner may not impose an amount that would reasonably be expected to result in the commissioner receiving in excess of $100,000 in a fiscal year from the aggregate of: the fees received under Section; and 31A-6b-202 the annual assessments under this section. The commissioner shall deposit an annual assessment collected under this section into the restricted account.