HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
Rule: 2.59.124 Prev     Up     Next    
Rule Title: GUARANTEED ASSET PROTECTION (GAP) FEATURE
Add to My Favorites
Add to Favorites
Department: ADMINISTRATION
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Banks
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

Printer Friendly Version

2.59.124    GUARANTEED ASSET PROTECTION (GAP) FEATURE

(1) A GAP waiver or agreement is a type of debt cancellation contract. A debt cancellation contract with a GAP feature offered in connection with an extension of credit for the purchase of titled personal property for personal, family, or household use is a single product. A bank offering a debt cancellation contract with a GAP feature may do so through nonexclusive, unaffiliated agents such as automobile dealers. The fee arrangement between a bank and a nonexclusive, unaffiliated agent through which the debt cancellation product is offered does not create a separate contract that violates the anti-tying provision of ARM 2.59.119(1)(a).

History: 32-1-218, MCA; IMP, 32-1-429, MCA; NEW, 2011 MAR p. 2801, Eff. 12/23/11.


 

 
MAR Notices Effective From Effective To History Notes
2-59-452 12/23/2011 Current History: 32-1-218, MCA; IMP, 32-1-429, MCA; NEW, 2011 MAR p. 2801, Eff. 12/23/11.
Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security