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Committee clarifies guaranteed‑asset‑protection waivers, saying GAP waivers are not insurance but may be backed by policies
Summary
House Bill 16‑72 passed committee to clarify that guaranteed asset protection (GAP) waivers are not insurance and are exempt from state insurance laws while directing retail sellers to ensure GAP obligations via contractual liability or insurer‑issued policies.
The committee passed House Bill 16‑72, a measure clarifying the regulatory status of guaranteed asset protection (GAP) waivers.
Attorney Morrill Harriman, representing GAPA and speaking from Mitchell Williams law firm, explained the bill’s intent: the text states that "guaranteed asset protection waivers governed under this subject…
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