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Rule: 2.59.414 Prev     Up     Next    
Rule Title: GUARANTEED ASSET PROTECTION (GAP) FEATURE
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Department: ADMINISTRATION
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Credit Unions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.414    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 credit union 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 credit union 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 2.59.409(1)(a).

History: 32-3-201, MCA; IMP, 32-3-609, MCA; NEW, 2011 MAR p. 2816, Eff. 12/23/11.


 

 
MAR Notices Effective From Effective To History Notes
2-59-459 12/23/2011 Current History: 32-3-201, MCA; IMP, 32-3-609, MCA; NEW, 2011 MAR p. 2816, Eff. 12/23/11.
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