30-14-151. Title -- scope. (1) Sections 30-14-151 through 30-14-157 may be cited as the "Guaranteed Asset Protection Waiver Act".
(2) The purpose of 30-14-151 through 30-14-157 is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state.
(3) Sections 30-14-151 through 30-14-157 do not apply to:
(a) an insurance policy offered by an insurer under the insurance laws of this state; or
(b) a debt cancellation or debt suspension contract being offered in compliance with 32-1-429, 32-3-609, 12 CFR, part 37 or part 721, or other federal law.
(4) Guaranteed asset protection waivers governed by 30-14-151 through 30-14-157 are not insurance and are exempt from the insurance laws of this state. Persons that comply with 30-14-151 through 30-14-157 in marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers are exempt from this state's insurance licensing requirements.