45-1105 Guaranteed asset protection waiver; disclosures required. - Nebraska Statutes

45-1105. Guaranteed asset protection waiver;disclosures required.Guaranteed asset protection waivers shall disclose, as applicable,in writing and in clear, understandable language that is easy to read, thefollowing:(1) The nameand address of the initial creditor or the creditor's designee and the borrowerat the time of sale;(2) The purchase price and the terms of the guaranteed asset protectionwaiver, including the requirements for protection, conditions, or exclusionsassociated with the guaranteed asset protection waiver;(3) That theborrower may cancel the guaranteed asset protection waiver within the free-lookperiod as specified in the waiver, and will be entitled to a full refund ofthe purchase price, so long as no benefits have been provided. In the eventbenefits have been provided during the free-look period, the borrower mayreceive a full refund less any benefits provided under the waiver;(4) The procedurethe borrower shall follow, if any, to obtain guaranteed asset protection waiverbenefits under the terms and conditions of the waiver, including a telephonenumber and address where the borrower may apply for waiver benefits;(5) Whetheror not the guaranteed asset protection waiver is cancelable after the free-lookperiod and the conditions under which it may be canceled or terminated includingthe procedures for requesting any refund due;(6) That in order to receiveany refund due in the event of a borrower's cancellation of the guaranteedasset protection waiver agreement or early termination of the finance agreementafter the free-look period of the guaranteed asset protection waiver, theborrower, in accordance with terms of the waiver, shall provide a writtenrequest to cancel to the creditor or the creditor's designee within ninetydays after the occurrence of the event terminating the finance agreement;(7) The methodologyfor calculating any refund of the unearned purchase price of the guaranteedasset protection waiver due, in the event of cancellation of the guaranteedasset protection waiver or early termination of the finance agreement;(8) That neitherthe extension of credit, the terms of the credit, nor the terms of the relatedmotor vehicle sale or lease shall be conditioned upon the purchase of theguaranteed asset protection waiver;(9) That a guaranteed asset protection waiveris not insurance and is not regulated by the Department of Insurance and thatthe guaranteed asset protection waiver remains a part of the finance agreementupon the assignment, sale, or transfer of such finance agreement by the creditoror the creditor's designee; and(10) The events or losses to which the guaranteedasset protection waiver does not apply. SourceLaws 2010, LB571, § 5.