O.C.G.A.

O.C.G.A. § 33-63-2 (2019)

Purpose; exemptions from applicability of chapter; guaranteed asset protection waivers exempt from state’s insurance laws

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(a) The purpose of this chapter is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state.

(b) This chapter shall not apply to:

(1) An insurance policy offered by an insurer under the insurance laws of this state; or

(2) A debt cancellation or debt suspension contract being offered in compliance with 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law.

(c) Guaranteed asset protection waivers governed under this chapter are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers that comply with this chapter are exempt from this state’s insurance licensing requirements.

History

Code 1981, § 33-63-2, enacted by Ga. L. 2008, p. 1097, § 1/SB 470.

Notes of Decisions

Cited in 1 case (1 in the last 5 years), 2022–2022 · leading case: Randy Kelley v. The Cincinnati Ins. Co. (Ga. Ct. App. 2022).

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Randy Kelley v. The Cincinnati Ins. Co. (Ga. Ct. App. 2022). · cites it 2× “) OCGA § 33-63-2 (c); see also OCGA §§ 33-63-1, 33-63-3 (“The following terms are defined for purposes of [Chapter 63].”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.