1. Except as otherwise provided in this section, a creditor who sells or offers for
sale guaranteed asset protection waivers shall not include in the name of the business
of the creditor:
(a) The words “insurance,” “casualty,” “surety,” “mutual” or any other word or term
that implies that the creditor is engaged in the business of transacting insurance
or is a surety company; or
(b) A name that is deceptively similar to the name or description of an insurer or
2. A creditor may include the word “guaranty” or a similar word in the name of the
business of the creditor.
3. This section does not apply to a creditor who, before January 1, 2016, includes
in the name of the business of the creditor a name that does not comply with the provisions
of subsection 1. Such a creditor shall include in each guaranteed asset protection waiver the creditor
sells or offers for sale a statement that the guaranteed asset protection waiver is
not a contract of insurance.
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