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64 chapters · 1,789 sections in this title.
Va. Code Ann. § 38.2-6400 Definitions
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As used in this chapter, unless the context requires another meaning: "Administrator" means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a guaranteed asset protection waiver program. "Borrower" means a debtor, reta…
Va. Code Ann. § 38.2-6401 Requirements for offering guaranteed asset protection waivers
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A. Guaranteed asset protection waivers may be offered, sold, or provided to borrowers in the Commonwealth 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. …
Va. Code Ann. § 38.2-6402 Contractual liability or other insurance policies
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A. Contractual liability or other insurance policies insuring GAP waivers shall state the obligation 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 bo…
Va. Code Ann. § 38.2-6403 Disclosures
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Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read the following: 1. The name and address of the initial creditor and the borrower at the time of sale; 2. The identity of any administrator if di…