Rules and Regulations of the State of Georgia
 

JavaScript Is Not Enabled alert

You need to have JavaScript enabled in your browser to utilise the full functionality of this website.

How to enable JavaScript in your browser






firefox Mozilla Firefox

  1. In the address bar, type about:config and press Enter.
  2. Click "I'll be careful, I promise" if a warning message appears.
  3. In the search box, search for javascript.enabled
  4. Toggle the "javascript.enabled" preference (right-click and select "Toggle" or double-click the preference) to change the value from "false" to "true".
  5. Click on the "Reload current page" button of the web browser to refresh the page.
  • 1. In the address bar, type about:config and press Enter.
  • 2. Click "I'll be careful, I promise" if a warning message appears.
  • 3. In the search box, search for javascript.enabled
  • 4. Toggle the "javascript.enabled" preference (right-click and select "Toggle" or double-click the preference) to change the value from "false" to "true".
  • 5. Click on the "Reload current page" button of the web browser to refresh the page.




ie Internet Explorer

  1. On web browser menu click "Tools" icon and select "Internet Options".
  2. In the "Internet Options" window select the "Security" tab.
  3. On the "Security" tab click on the "Custom level..." button.
  4. When the "Security Settings - Internet Zone" dialog window opens, look for the "Scripting" section.
  5. In the "Active Scripting" item select "Enable".
  6. When the "Warning!" window pops out asking "Are you sure you want to change the settings for this zone?" select "Yes".
  7. In the "Internet Options" window click on the "OK" button to close it.
  8. Click on the "Refresh" button of the web browser to refresh the page.
  • 1. ie9 01
  • 2. ie9 02
  • 3. ie9 03
  • 4. ie9 04
  • 5. ie9 05
  • 6. ie9 06
  • 7. ie9 07
  • 8. ie9 08
 Internet Explorer < 9
  1. On web browser menu click "Tools" and select "Internet Options"
  2. In the "Internet Options" window select the "Security" tab.
  3. On the "Security" tab click on the "Custom level..." button.
  4. When the "Security Settings - Internet Zone" dialog window opens, look for the "Scripting" section.
  5. In the "Active Scripting" item select "Enable".
  6. When the "Warning!" window pops out asking "Are you sure you want to change the settings for this zone?" select "Yes".
  7. In the "Internet Options" window click on the "OK" button to close it.
  8. Click on the "Refresh" button of the web browser to refresh the page.
  • 1. ie 01
  • 2. ie 02
  • 3. ie 03
  • 4. ie 04
  • 5. ie 05
  • 6. ie 06
  • 7. ie 07
  • 8. ie 08




chrome Google Chrome

  1. On the web browser menu click on the "Customize and control Google Chrome" and select "Settings".
  2. In the "Settings" section click on the "Show advanced settings..."
  3. Under the the "Privacy" click on the "Content settings...".
  4. When the dialog window opens, look for the "JavaScript" section and select "Allow all sites to run JavaScript (recommended)".
  5. Click on the "OK" button to close it.
  6. Close the "Settings" tab.
  7. Click on the "Reload this page" button of the web browser to refresh the page.
  • 1. chrome 01
  • 2. chrome 02
  • 3. chrome 03
  • 4. chrome 04
  • 5. chrome 05
  • 6. chrome 06
  • 7. chrome 07




opera Opera

  • 1. a) Click on "Menu", hover mouse on the "Settings" then hover mouse on the "Quick preferences" and mark the "Enable Javascript" checkbox.
  • 1. b) If "Menu bar" is shown click on the "Tools", hover mouse on the "Quick preferences" and mark the "Enable Javascript" checkbox.
1. a) opera10 a 1. b) opera10 b




safari Apple Safari

  1. On the web browser menu click on the "Edit" and select "Preferences".
  2. In the "Preferences" window select the "Security" tab.
  3. In the "Security" tab section "Web content" mark the "Enable JavaScript" checkbox.
  4. Click on the "Reload the current page" button of the web browser to refresh the page.
  • 1. safari 01
  • 2. safari 02
  • 3. safari 03
  • 4. safari 04
<xmp>.</xmp> <form name="form1" method="post" action="120-2-102?urlRedirected=yes&amp;data=admin&amp;lookingfor=120-2-102" id="form1"> <input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="/wEPDwUKLTY5ODkwOTM2Nw8WAh4Ec3BhbQIFFgJmD2QWAgIFDw8WAh4EVGV4dAUFMSArIDRkZGTbRMawrfC4AfZ7319I1iA+b8UOIQ==" /> <input type="hidden" name="__VIEWSTATEGENERATOR" id="__VIEWSTATEGENERATOR" value="EEBB6393" /> <input type="hidden" name="__EVENTVALIDATION" id="__EVENTVALIDATION" value="/wEWCAK9mIT/CQLniKOhBALV5cpNAoa5iIEFAoznisYGAsrv5u0MAsrv4u0MAsrv3u0MP4hASWDTJrGoIePIK2cl+neTJTE=" /> <div class='popup'> <div class='cnt223'> <div style="margin-bottom:6px;"> <img alt="Rules and Regulations of the State of Georgia" src="/images/new.gif"/> </div> <div class="header"> Terms and Conditions of Agreement for Access to Rules and Regulations of the State of Georgia Website </div> <div class="scroll"> <p>(Note: certain features of this site have been disabled for the general public to prevent digital piracy. If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree that you will not copy, print, or download anything from this website for any commercial use. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website.</p> <p> You agree that you will not sell, will not license, and will not otherwise make available in exchange for anything of value, anything that you download, print, or copy from this site.</p> <p> You agree that you will not copy, print, or download any portion of the regulations posted on this site exceeding a single chapter of regulations for sale, license, or other transfer to a third party, except that you may quote a reasonable portion of the regulations in the course of rendering professional advice.</p> <p> If you violate this agreement, or if you access or use this website in violation of this agreement, you agree that Lawriter will suffer damages of at least $20,000. </p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." THE STATE OF GEORGIA AND LAWRITER EXPRESSLY DISCLAIM ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT AND ARE NOT LIABLE TO ANY PERSON FOR ANY ERRORS IN INACCURACIES CONTAINED IN THIS WEBSITE. </p> <p> If you accept these terms enter the information below and click “I AGREE”.</p> </div> <table border="0" style="width: 810px"> <tr> </tr> <tr> <td style="vertical-align: text-top; width: 243px;"> Full Name:</td> <td style="width: 532px; vertical-align:super;"> <input name="firstName" type="text" id="firstName" class="txt" /> <span id="lbl_fname"><font color="Red"></font></span> </td> </tr> <tr><td style="width: 243px"> Human verification: <b> <span id="lblStopSpam">1 + 4</span>&nbsp;= </b></td><td style="width: 532px"> <input name="captcha" type="text" id="captcha" class="txt" /> <span id="lbl_captcha"><font color="Red"></font></span> &nbsp; <input name="sum" type="hidden" id="sum" value="5" /> </td></tr> </table> <input type="submit" name="Button1" value="I AGREE" id="Button1" disabled="disabled" /> <span id="alrtmsg"><font color="Red"></font></span> <input name="v1" type="hidden" id="v1" /> <input name="v2" type="hidden" id="v2" /> <input name="v3" type="hidden" id="v3" /> <p>Privacy Policy: the above information is for internal use only as related to this agreement and will not be sold or distributed.</p> </div> </div> </form> <html> <head runat="server"> <title>GA - GAC</title> <link href="_files/main.css" media="all" rel="Stylesheet" type="text/css" /> <link href="_files/treeview_old.css" media="all" rel="Stylesheet" type="text/css" /> <link href="/_files/popup.css" media="all" rel="stylesheet" type="text/css" /> <script type="text/javascript" src="/_files/treeview.js"></script> <script type="text/javascript" src="/_files/jquery-1.8.0.min.js"></script> <script type="text/javascript" src="/_files/jquery-1.10.2.js"></script> <script type="text/javascript" src="/_files/popup.js"></script> <script type="text/javascript" src="http://code.jquery.com/jquery-1.8.2.js"></script> <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8/jquery.min.js" /> <script type="text/javascript" src="/_files/jquery.popup.js"></script> <script type="text/javascript" src="/_files/jquery.popup.min.js"></script> <script type="text/javascript" src="/_files/ValidateForm.js"></script> <script src="https://code.jquery.com/jquery-1.11.3.js"></script> <link href="/_files/enablejs.css" rel="Stylesheet" type="text/css" /> <link href="/_files/forJavascript.css" rel="Stylesheet" type="text/css" /> <style type="text/css"> .collapse{background-image:url('/images/expcoll_right.png');} .expand{background-image:url('/images/expcoll_down.png');} </style> <script type="text/javascript"> $(document).ready(function(){ $("#History-parent").click(function(){ $("#History-Childs").toggle(); if ($('#History-parent img').hasClass('expand')) { $('#History-parent img').addClass('collapse'); $('#History-parent img').removeClass('expand'); $('#History-parent img').attr('src', '/images/expcoll_right.png'); } else { $('#History-parent img').removeClass('collapse'); $('#History-parent img').addClass('expand'); $('#History-parent img').attr('src', '/images/expcoll_down.png'); } }); $("#History-Childs").hide(); var tocnode=document.getElementById('toc-children'); if (tocnode != null) { if(tocnode.childNodes.length != 0) { document.getElementById("doc-content").style.width="72%"; document.getElementById("toc").style.width="21%"; document.getElementById("toc").style.padding="10px"; } else { document.getElementById('toc').style.display="none"; } } }); function fnsetRDVal(id) { if (id=="y") { document.getElementById("y").value="yes" document.getElementById("n").value="" } else { document.getElementById("n").value="no" document.getElementById("y").value="" } } </script> <script type="text/javascript"> function TermsCon() { var overlay = $('<div id="overlay"></div>'); overlay.show(); overlay.appendTo(document.body); $('.popup2').show(); $('#btnAgree').click(function () { $('.popup2').hide(); $("#overlay").hide(); overlay.appendTo(document.body).remove(); }); $("#btnprint").click(function () { var contents = $("#popupterms").html(); var frame1 = $('<iframe />'); frame1[0].name = "frame1"; frame1.css({ "position": "absolute", "top": "-1000000px" }); $("body").append(frame1); var frameDoc = frame1[0].contentWindow ? frame1[0].contentWindow : frame1[0].contentDocument.document ? frame1[0].contentDocument.document : frame1[0].contentDocument; frameDoc.document.open(); //Create a new HTML document. frameDoc.document.write('<html><head>'); frameDoc.document.write('</head><body>'); //Append the external CSS file. frameDoc.document.write('<link href="_files/popup.css" rel="stylesheet" type="text/css" />'); //Append the DIV contents. frameDoc.document.write(contents); frameDoc.document.write('</body></html>'); frameDoc.document.close(); setTimeout(function () { window.frames["frame1"].focus(); window.frames["frame1"].print(); frame1.remove(); }, 500); }); // alert("Because you do not agree to the Terms and Conditions for Access, you must cease accessing and/or using this website and destroy all material obtained from this website without your agreement."); // $('.popup2').show(); } </script> </head> <body> <div class="popup2"> <div class='cnt2231' id="popupterms"> <div style="margin-bottom: 6px;"> <img alt="Rules and Regulations of the State of Georgia" src="/images/new.gif" /> </div> <div class="header"> Terms and Conditions of Agreement for Access to Rules and Regulations of the State of Georgia Website </div> <div class="scroll" style="height:100%;"> <p>(Note: certain features of this site have been disabled for the general public to prevent digital piracy. If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website. </p> <p> You agree that you will not sell or license anything that you download, print, or copy from this website.</p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." THE STATE OF GEORGIA AND LAWRITER EXPRESSLY DISCLAIM ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT AND ARE NOT LIABLE TO ANY PERSON FOR ANY ERRORS IN INACCURACIES CONTAINED IN THIS WEBSITE. </p> <p> By accessing and/or using this website, you agree to the terms and conditions above. If you do not agree to the terms and conditions above, you must cease accessing and/or using this website and destroy all material obtained from this website without your agreement. </p> </div> </div> <div class="modal-footer"> <input type="button" name="btnAgree" value="Close" id="btnAgree" class="btn-blue noprint" /> <input type="button" name="btnprint" value="Print" id="btnprint" class="btn-blue noprint" /> </div> </div> </div> <div id="main" class="noprint"> <!--class="noprint"--> <div id="header" class="noprint"> <div class="container"> <div class="terms"> NOTICE OF TERMS OF USE OF THIS WEBSITE. By accessing and/or using this website, you agree to the following <a onclick="javascript:TermsCon();" style="text-decoration: underline">terms and conditions.</a> </div> <div class="content"> <div id="logo"> <!--<a href="../" title="Home"><img alt="Rules and Regulations of the State of Georgia" src="/images/garr_logo.gif" /></a>--> <!--<span id="georgia"><a href="/">Rules and Regulations of the State of Georgia</a></span>--> <a href="../" title="Home"><img alt="Rules and Regulations of the State of Georgia" src="/images/ga_rulesreg.gif" /></a> </div> <div id="links"> <a href="../home.aspx" class="constant" title="home">Home</a> | <a href="../gac/" class="constant" title="home">Browse</a> | <a href="../help.aspx" class="constant" title="help">Help</a> | <a href="http://sos.ga.gov/index.php/General/rules_and_regulations" target="_blank" onclick="void(0);" class="constant" title="Georgia SOS">Go to Georgia SOS</a> </div> </div> </div> <div class="sidebar"> <div id="full-text-search"> <form class="searchform" action="../search.aspx" method="get" onsubmit="javascript:return fncheckqts();"> <span class="searchHierarchy" style="margin-right:10px;" > <em class="mnemonic">H</em>ierarchy Search:&nbsp; <input onclick="fnsetRDVal(id);" id="y" checked="checked" type="radio" name="hierarchysearch" value="yes" />&nbsp;Y <input onclick="fnsetRDVal(id);" id="n" type="radio" name="hierarchysearch" value="" />&nbsp;N </span> <input id="query" name="query" class="searchfield" value="Search GA R&R...." onfocus="if (this.value == 'Search GA R&R....') {this.value = '';}" onblur="if (this.value == '') {this.value = 'Search GA R&R....';}" type="text" /> <input class="searchbutton" value="Go" type="submit" /> <input type="hidden" name="searchvalue" value="Subject 120-2-102 GUARANTEED ASSET PROTECTION WAIVERS" /> <input type="hidden" id="msg" value="REPLACE_MESSAGE" /> <input type="hidden" name="from" value="gac" /> </form> </div> <!--<div id="full-text-search"> <form id="search" action="../search.aspx" method="get" onsubmit="javascript:return fncheckqts();"> <span class="searchHierarchy" style="margin-right:10px;" > <em class="mnemonic">H</em>ierarchy Search:&nbsp; <input onclick="fnsetRDVal(id);" id="y" checked="checked" type="radio" name="hierarchysearch" value="yes" />&nbsp;Y <input onclick="fnsetRDVal(id);" id="n" type="radio" name="hierarchysearch" value="" />&nbsp;N </span> <label for="query" accesskey="s"> <em class="mnemonic">S</em>earch GA R&R: </label><input type="hidden" name="from" value="gac" /> <input id="query" name="query" type="text" /> <input class="submit" value="Go" type="submit" /> <input type="hidden" id="msg" value="REPLACE_MESSAGE" /> <input type="hidden" name="searchlevel" value="REPLACE_SEARCHLEVEL" /> <input type="hidden" name="searchvalue" value="Subject 120-2-102 GUARANTEED ASSET PROTECTION WAIVERS" /> </form> </div>--> <div id="searchcitation"> <form class="searchform" action="../search.aspx" method="get" onsubmit="javascript:return fnchecks();"> <div> <input id="section" name="section" class="searchfield" value="Go to Citation...." onfocus="if (this.value == 'Go to Citation....') {this.value = '';}" onblur="if (this.value == '') {this.value = 'Go to Citation....';}" type="text" /> <input class="searchbutton" value="Go" type="submit" /> <input type="hidden" name="from" value="gac" /> </div> </form> </div> </div> <HTML xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:msxsl="urn:schemas-microsoft-com:xslt" xmlns:nll="uuid:{D3B28627-934D-41bc-8B7A-0549A8802FE4}"> <HEAD> <META http-equiv="Content-Type" content="text/html; charset=UTF-16"> </HEAD> <div id="infobar"><a href="javascript:;" accesskey="r" Name="Route" title="Route" class="quickkey"><em class="mnemonic">R</em>oute </a>:<div class="searchtips" style="float:right;margin-right:10px;color: rgb(47, 79, 79);"> <a style="text-decoration:none;color: rgb(47, 79, 79);" title="search tips" name="searchtip" href="../help.aspx#searching" target="_blank"><em class="mnemonic">S</em>earch tips</a></div><ul class="breadcrumb"> <li><a href="/GAC" name="GAC" title="GAC">GA R&amp;R</a></li> <li>&raquo; <a href="/GAC/120" title="120">Department 120</a></li> <li>&raquo; <a href="/GAC/120-2" title="120-2">Chapter 120-2</a></li> <li>&raquo; Subject 120-2-102</li> </ul> </div> </div><div id="doc" class="container"> <div id="doc-content" class="content"> <h1><nllsubject>Subject 120-2-102 GUARANTEED ASSET PROTECTION WAIVERS</nllsubject></h1> <h2><a href="/GAC/120-2-102-.01" name="120-2-102-.01" title="120-2-102-.01">Rule 120-2-102-.01 Authority</a></h2> <P>This regulation is adopted and promulgated by the Commissioner of Insurance pursuant to the authority set forth in O.C.G.A. Sec. <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-2-9&amp;title=33#" target="_newtab">33-2-9</a> and O.C.G.A. Chapter 33-63.</P> <h2><a href="/GAC/120-2-102-.02" name="120-2-102-.02" title="120-2-102-.02">Rule 120-2-102-.02 Purpose and Applicability</a></h2> <P>The purpose of this regulation is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of O.C.G.A. Chapter 33-63 relating to guaranteed asset protection waivers.</P> <h2><a href="/GAC/120-2-102-.03" name="120-2-102-.03" title="120-2-102-.03">Rule 120-2-102-.03 Definitions</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Administrator" means a person, other than an insurer or creditor that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Borrower" means a debtor, retail buyer, or lessee under a finance agreement.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Creditor" means: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(3)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The lender in a loan or credit transaction;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(3)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The lessor in a lease transaction;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(3)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any retail installment seller that provides credit to any retail buyer of motor vehicles, provided that such entity complies with the provisions of this chapter;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(3)(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The seller in commercial retail installment transactions; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(3)(e)">(e)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The assignees of any of the creditors listed in (a) through (d) of this section to whom the credit obligation is payable.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Finance Agreement" means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Free look period" means the period of time from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the guaranteed asset protection waiver without penalty, fees, or costs to the borrower. This period of time must not be shorter than 30 days.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Guaranteed asset protection waiver" means a contractual agreement wherein a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or uncovered theft of the motor vehicle, which agreement must be part of or a separate addendum to the finance agreement.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Insurer" means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(8)">(8)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Motor vehicle" means self-propelled or towed vehicles designed for personal or commercial use, including but not limited to automobiles, trucks, motorcycles, recreational vehicles all-terrain vehicles, campers, boats, personal watercraft, and motorcycle, boat, camper, and personal watercraft trailers.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(9)">(9)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Person" includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(10)">(10)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Retail buyer" shall have the same meaning as provided in O.C.G.A. Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=10-1-31&amp;title=10#" target="_newtab">10-1-31</a>.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.03(11)">(11)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Retail installment seller" shall have the same meaning as provided in O.C.G.A. Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=10-1-31&amp;title=10#" target="_newtab">10-1-31</a>.</td> </tr> </table> <h2><a href="/GAC/120-2-102-.04" name="120-2-102-.04" title="120-2-102-.04">Rule 120-2-102-.04 Guaranteed Asset Protection Insurance Requirements</a></h2> <P>A retail installment seller must insure its guaranteed asset protection waiver obligations under a contractual liability or other insurance policy issued by an insurer. However, retail installment sellers that are lessors on motor vehicles are not required to insure obligations related to guaranteed asset protection waivers on such leased vehicles.</P> <h2><a href="/GAC/120-2-102-.05" name="120-2-102-.05" title="120-2-102-.05">Rule 120-2-102-.05 General Requirements and Conditions</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Guaranteed asset protection waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Guaranteed asset protection 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.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Notwithstanding any other provision of law, any cost to the borrower for a guaranteed asset protection waiver entered into in compliance with the federal Truth in Lending Act, <a href="https://links.casemakerlegal.com/states/us/books/United_States_Code/browse?ci=25&amp;id=gasos&amp;codesec=1601&amp;title=15&amp;getbrowsepage=yes#" target="_newtab">15 U.S.C. 1601</a><I>et seq.</I>, and its implementing regulations, as they may be amended from time to time, must be separately stated and is not to be considered a finance charge or interest.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The guaranteed asset protection waiver shall remain a part of the finance agreement upon the assignment, sale, or transfer of such finance agreement by the creditor.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Neither the extension of credit, the term of credit, nor the term of the related motor vehicle sale or lease may be conditioned upon the purchase of a guaranteed asset protection waiver.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any creditor that offers a guaranteed asset protection waiver must report the sale of, and forward funds received on, all such waivers to the designated party, if any, as prescribed in any applicable administrative services agreement, contractual liability policy, other insurance policy or other specified program documents.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Funds received or held by a creditor or administrator and belonging to an insurer, creditor, or administrator pursuant to the terms of a written agreement must be held by such creditor or administrator in a fiduciary capacity.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(8)">(8)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Contractual liability or other insurance policies insuring guaranteed asset protection waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the guaranteed asset protection waivers issued by the creditor and purchased or held by the borrower.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(9)">(9)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Coverage under a contractual liability or other insurance policy insuring a guaranteed asset protection waiver must also cover any subsequent assignee upon the assignment, sale, or transfer of the finance agreement.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(10)">(10)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Coverage under a contractual liability or other insurance policy insuring a guaranteed asset protection waiver must remain in effect unless cancelled or terminated in compliance with the applicable insurance laws of this state.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.05(11)">(11)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The cancellation or termination of a contractual liability or other insurance policy must not reduce the insurer's responsibility for guaranteed asset protection waivers issued by the creditor prior to the date of cancellation or termination and for which premium has been received by the insurer.</td> </tr> </table> <h2><a href="/GAC/120-2-102-.06" name="120-2-102-.06" title="120-2-102-.06">Rule 120-2-102-.06 Required Disclosures</a></h2> <P>Guaranteed asset protection waivers must disclose, as applicable, in writing and in clear, understandable language that is easy to read the following:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The name and address of the initial creditor and the borrower at the time of sale and the identity of any administrator if different from the creditor;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The purchase price and the terms of the guaranteed asset protection waiver including without limitation the requirements for protection, conditions, or exclusions associated with the guaranteed asset protection waiver;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> That the borrower may cancel the guaranteed asset protection waiver within a free look period, as specified in the waiver, and will be entitled to a full refund of the purchase price, provided no benefits have been made; or in the event benefits have been made, the borrower may receive a full or partial refund if the waiver so provides;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The procedure the borrower must follow, if any to obtain guaranteed asset protection waiver benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower may apply for waiver benefits;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Whether or not the guaranteed asset protection waiver is cancelable after the free look period and the conditions under which it may be canceled or terminated, including the procedures for requesting any refund due;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> That in order to receive any refund due in the event of a borrower's cancellation of the guaranteed asset protection waiver agreement or early termination of the finance agreement after the free look period of the guaranteed asset protection waiver, the borrower, in accordance with terms of the waiver, must provide a written request to cancel to the creditor, administrator, or such other party within 90 days after the borrower's decision to cancel the waiver or the occurrence of the event terminating the finance agreement;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The methodology for calculating any refund of the unearned purchase price of the guaranteed asset protection waiver due in the event of cancellation of the guaranteed asset protection waiver or early termination of the finance agreement;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.06(8)">(8)</a></td> <td valign="top" style="text-align:left" class="leftalign"> That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease may be conditioned upon the purchase of the guaranteed asset protection waiver.</td> </tr> </table> <h2><a href="/GAC/120-2-102-.07" name="120-2-102-.07" title="120-2-102-.07">Rule 120-2-102-.07 Cancellation Conditions</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.07(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Guaranteed asset protection waiver agreements may be cancelable or noncancelable after the free look period. Guaranteed asset protection waivers must provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the purchase price, provided no benefits have been paid; or in the event benefits have been paid, the borrower may receive a full or partial refund if the waiver so provides.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.07(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In the event of a borrower's cancellation of the guaranteed asset protection waiver or early termination of the finance agreement, after the agreement has been in effect beyond the free look period, the borrower may be entitled to a refund of any unearned portion of the purchase price of the waiver unless the waiver provides otherwise. In order to receive a refund, the borrower, in accordance with any applicable terms of the waiver, must provide a written request to the creditor, administrator or other party within 90 days after the borrower's decision to cancel the waiver or the occurrence of the event terminating the finance agreement.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.07(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If the cancellation of a guaranteed asset protection waiver occurs as a result of a default under the finance agreement or the repossession of the motor vehicle associated with the finance agreement, or any other termination of the finance agreement, any refund due may be paid directly to the creditor or administrator and applied as set forth in paragraph (1) herein.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.07(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any cancellation refund under paragraphs (1), (2), or (3) herein may be applied by the creditor as a reduction of the amount owed under the finance agreement unless the borrower can show that the finance agreement has been paid in full.</td> </tr> </table> <h2><a href="/GAC/120-2-102-.08" name="120-2-102-.08" title="120-2-102-.08">Rule 120-2-102-.08 Exemptions</a></h2> <P>Subsection (c) of O.C.G.A. Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-63-4&amp;title=33#" target="_newtab">33-63-4</a> and O.C.G.A. Code Sections <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-63-6&amp;title=33#" target="_newtab">33-63-6</a> and <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-63-9&amp;title=33#" target="_newtab">33-63-9</a> shall not be applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.</P> <P>A retail installment seller shall not be required to insure a guaranteed asset protection waiver in connection with the sale of a motor vehicle if the retail installment seller does both of the following:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.08(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Maintains, or has a parent company that maintains, a net worth or stockholders' equity of at least $50 million, provided the parent company guarantees the obligations of the retail installment seller arising from guaranteed asset protection waivers underwritten pursuant to this subsection; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.08(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Files a copy of its Form 10-K or Form 20-F disclosure statements, or, if it does not file with the United States Securities and Exchange Commission, a copy of its audited financial statements reported on generally accepted accounting principles. If the retail installment seller's financial statements are consolidated with those of its parent company, then the retail installment seller may comply with the provisions of this paragraph by filing the statements of its parent company. The statement shall be filed with the Commissioner at least 30 days prior to the retail installment seller's initial offering or delivering a guaranteed asset protection waiver, and thereafter the statement shall be filed with the Commissioner annually.</td> </tr> </table> <h2><a href="/GAC/120-2-102-.09" name="120-2-102-.09" title="120-2-102-.09">Rule 120-2-102-.09 Penalties</a></h2> <P>The Commissioner of Insurance may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect guaranteed asset protection waiver holders in this state. After proper notice and opportunity for hearing the Commissioner may:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.09(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Order the creditor, administrator, or any other person not in compliance with this chapter to cease and desist from further guaranteed asses protection waiver related operations which are in violation of this chapter; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-102-.09(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Issue a penalty of not more than $500.00 per violation and not more than $10,000.00 in the aggregate for all violations of a similar nature. For purposes of this paragraph, violations are of a similar nature if the violations consist of the same or similar courses of conduct, action, or practice, irrespective of the number of times the conduct, action, or practice occurred.</td> </tr> </table> <h2><a href="/GAC/120-2-102-.10" name="120-2-102-.10" title="120-2-102-.10">Rule 120-2-102-.10 Severability</a></h2> <P>If any provision of this regulation or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction, the remainder of this regulation or the applicability of such provision to other persons or circumstances shall not be affected.</P> </div> </div> </HTML> </div> <div id="toc" class="sidebar noprint"> <ul id="toc-children" class="children"><li><a href="/GAC/120-2-102-.01" name="120-2-102-.01" title="120-2-102-.01">Rule 120-2-102-.01 Authority</a></li><li><a href="/GAC/120-2-102-.02" name="120-2-102-.02" title="120-2-102-.02">Rule 120-2-102-.02 Purpose and Applicability</a></li><li><a href="/GAC/120-2-102-.03" name="120-2-102-.03" title="120-2-102-.03">Rule 120-2-102-.03 Definitions</a></li><li><a href="/GAC/120-2-102-.04" name="120-2-102-.04" title="120-2-102-.04">Rule 120-2-102-.04 Guaranteed Asset Protection Insurance Requirements</a></li><li><a href="/GAC/120-2-102-.05" name="120-2-102-.05" title="120-2-102-.05">Rule 120-2-102-.05 General Requirements and Conditions</a></li><li><a href="/GAC/120-2-102-.06" name="120-2-102-.06" title="120-2-102-.06">Rule 120-2-102-.06 Required Disclosures</a></li><li><a href="/GAC/120-2-102-.07" name="120-2-102-.07" title="120-2-102-.07">Rule 120-2-102-.07 Cancellation Conditions</a></li><li><a href="/GAC/120-2-102-.08" name="120-2-102-.08" title="120-2-102-.08">Rule 120-2-102-.08 Exemptions</a></li><li><a href="/GAC/120-2-102-.09" name="120-2-102-.09" title="120-2-102-.09">Rule 120-2-102-.09 Penalties</a></li><li><a href="/GAC/120-2-102-.10" name="120-2-102-.10" title="120-2-102-.10">Rule 120-2-102-.10 Severability</a></li></ul> </div> </div> <!--content ends here--> <div id="footer" class="noprint"><span class="footer">Copyright &copy; 2019 Lawriter LLC - All rights reserved.</span>| <a href="mailto:support@casemakerlegal.com?subject=Rules and Regulations of the State of Georgia">Email Us</a> | 844-838-0769 | <a href="http://livechat.casemakerlegal.com/client.php?locale=en" target="_blank" onclick="if(navigator.userAgent.toLowerCase().indexOf('opera') != -1 && window.event.preventDefault)window.event.preventDefault();this.newWindow = window.open('http://livechat.casemakerlegal.com/client.php?locale=en&url='+escape(document.location.href)+'&referrer='+escape(document.referrer), 'webim','toolbar=0,scrollbars=0,location=0,status=1,menubar=0,width=640,height=480,resizable=1');this.newWindow.focus();this.newWindow.opener=window;return false;">Live Chat</a> </div> </div> </body> </html>